rental property

[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.

 

[CJanssen]

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.