House foreclosure

[KentState]

Can anyone explain what exactly happens when someone forecloses on a house? How does PMI figure into this? What is the legal process like?

 

[cjmtfd102401]

I'm not sure, but the fiance and I were looking at a foreclousre house, it was arounf $30,000 then Century 21 got it and now it is $119,000.

 

[T9D]

I just bought a foreclosed porperty. PMI has to pay the bank payments. PMI then has the option to take the house and sell it to recoup it's money or just let the bank have it. I had to wait an extra week to get PMI to sign in writing that it was realeasing the house to the bank to sell. Probably wouldn't have had to wait at all but I did a two week closing since I had cash to buy it.

 

[thepd7]

whats PMI?
<-------noob to houses

 

[acemcmac]

Originally posted by: thepd7
whats PMI?
<-------noob to houses

afaik: primary mortgage insurance

 

[bctbct]

Originally posted by: thepd7
whats PMI?
<-------noob to houses

When you buy a house unless you put 20% down you have to have PMI, if you dont pay and the house goes into foreclosure, PMI pays the lender. About $35 per month on 100K

 

[HomeAppraiser]

Private Mortgage Insurance. Private companies, instead of loans insured by the government like HUD/FHA.