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06-26-2006, 02:55 PM
| | Junior Member | | Join Date: Jun 2006
Posts: 1
| | | rental property
What is the name of your state? Ohio
I have a rental property and I may have to let the bank foreclose. Will I lose my residence property where I live? I have PMI insurance on the rental home and the mortgage for each home is through a different mortgage holder. |
06-28-2006, 05:17 PM
| | Junior Member | | Join Date: Jun 2006
Posts: 10
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Originally Posted by robertjreiff What is the name of your state? Ohio
I have a rental property and I may have to let the bank foreclose. Will I lose my residence property where I live? I have PMI insurance on the rental home and the mortgage for each home is through a different mortgage holder. | they can't take your current property (primary residence). And by the way, PMI (private mortgage insurance) doesn't insure jack squat...it's just more money going to the lender. They throw in the term "insurance" because it is insurance for the lender's investment (your home). It has absolutely nothing to do with protecting you or your home at all. | |
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