More Trouble for People Walking Away From Mortgages

[Mark N.A]

Apparently PMI companies are pursuing deficiency judgements against people who walk away from their mortgages. There's a link in this article so you can check what your state allows.

http://www.marketwatch.com/story/walk-away-from-your-mortgage-insurers-may-follow-2010-08-06?siteid=yhoof2

[Richard Warren]

Even though you are paying the insurance premium, PMI insurance is for the benefit of the lender. They absolutely can come after you. It is a three-party contract with the lender as the loss payee and you as the premium payer. You can't compare it to auto insurance because it is a different type of contract.

:cool: