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RealEstateAnswer
RealEstateAnswer, Lawyer
Category: Real Estate Law
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Experience:  9+ years in handling Leases, Landlord-Tenant, Foreclosures,Mortgages, and Eviction cases
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Does the bank have the right to foreclose on property that

Customer Question

Does the bank have the right to foreclose on property that has PMI insurance and their getting paid anyway. Also how many times can they continue to foreclose on a individual
Submitted: 9 months ago.
Category: Real Estate Law
Expert:  RealEstateAnswer replied 9 months ago.

Good morning. Yes, the lender can foreclosure under the terms and conditions of the mortgage. Private mortgage insurance reimburses the lender if you default on your home loan. It could help and prevent the lender from going after you for a deficiency but the home is still a security interest which secures the money lent, so the lender would need to foreclose and take the home back. As far as a foreclosure, it can only be done once on a party. It is a legal action and once the loan goes into default and the borrower fails to cure, the lender can accelerate the amount owed and foreclose, sell the home and be made whole, if possible.

Expert:  RealEstateAnswer replied 9 months ago.

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