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Updated over 16 years ago on .

Mike Luzzo's profile image
Mike Luzzo's profile image
Mike Luzzo
  • Real Estate Consultant
  • from Florida
  • Member since Nov 3, 2008
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User Stats

7
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0
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Mike Luzzo's profile image
Mike Luzzo's profile image
Mike Luzzo
  • Real Estate Consultant
  • from Florida
  • Member since Nov 3, 2008
Connect
Mike Luzzo
  • Real Estate Consultant
  • Florida
0
Votes |
7
Posts
Foreclosures

Does FHA pay off loan default similar to PMI?

Mike Luzzo
  • Real Estate Consultant
  • Florida
Posted

HO has an FHA financed loan that is going into default. They have a MMIP of $81.45 for 13 years! Ouch! They are into the loan for 12 months so far.

2 questions here:

1. Will FHA payoff the loan default similar to a Private Mortgage Insurer?

2. Could the HO be on the hook for the remaider of te balence of the insurance premium? Approx: $11,728?

Thanks to all!

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