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Does the bank have the right to foreclose on property that…

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Does the bank have the...
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: 2 years ago.Category: Real Estate Law
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2/19/2016
Real Estate Lawyer: RealEstateAnswer, Lawyer replied 2 years ago
RealEstateAnswer
Category: Real Estate Law
Satisfied Customers: 32,839
Experience: 10+ years in handling Leases, Landlord-Tenant, Foreclosures,Mortgages, and Eviction cases
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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.

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Real Estate Lawyer: RealEstateAnswer, Lawyer replied 2 years ago

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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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