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VanDLaw, Attorney
Category: Bankruptcy Law
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Experience:  Chapter 7 & 13
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buying a home they are adding 75.00 a month onto ...

Customer Question

buying a home they are adding 75.00 a month onto the payment for 12 years for bankruptcy insurance is this right very bad for us thru wells fargo mortage
Submitted: 6 years ago.
Category: Bankruptcy Law
Expert:  VanDLaw replied 6 years ago.
This sounds like Private Mortgatge Insurance, is this what they are calling it? Or are they actually calling it "bankruptcy insurance"?
Customer: replied 6 years ago.
they are calling it bankruptcy insurance and why just 12 years is private mortgate the same it a 30 year loan
Expert:  VanDLaw replied 6 years ago.

I do not know of any insurance or mortgage related insurance referred to as "bankruptcy insurance'. I also did my best to find out about that and I could not find anything that referred to it either. I contact my broker and he said he has never heard of it either.

Private mortgage insurance (PMI) is insurance to offset losses in the case where a mortgagor is not able to make payments and repay the loan and the lender is not able to recover its costs after foreclosure and sale of the mortgaged property.

Mortgage companies will require it if you do not put enough of a down payment on the house to get the loan-to-ratio value down. Another words there is not enough equity in the house, owe 20% or less to the value of the house. Once the principal is reduced to less than 80% of the home's value, the PMI is often no longer required. It is for a set period of time, and has to be cancelled upon the request of the homeowner if they can support that the property loan to ratio value has been decreased to under 80%.

They add on an additional payment to your mortgage payment every month for this. In 2007 the additional payment became tax deductible (about the only good news for homeowners stuck with PMI). It can be added by mortgage company for any note they lend, 15 year or 30 year mortgages.

I am pretty sure this is what your mortgage company is doing, you need to ask your broker or closing agent for more details about this $75.00 payment. If they are truly calling it "bankruptcy insurance', ask them if they really mean PMI. If they say it is not PMI, then object to the $75.00. Also ask them if putting more of a down payment would make the $75.00 go away as well.


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