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Jared Said:

If I contribute 1/3 of downpayment to a property should I have mortgage insurance for in case of death?

We Answered:

homeinsurance.awardspace.us - try this one. Got my home insurance from them. As I know they provide such a service.

Dora Said:

How does a mortgage company buy insurance on property one day and file a claim the next dayon the property?

We Answered:

The mortgage company is listed as a lien holder on the property and would have been paying the premiums on the policy for the property since you were not. The insurance company would have had the mortgage company information in its records from the beginning. The mortgage company would have had to notify the insurance company of the loss, and the amount they collected should be going to repair the damage, not into their own pocket. You have obviously defaulted and therefore are out of the loop at this point. They made a claim on the existing policy and did not go out and buy insurance one day and make a claim the next. A mortgagee is not going to allow a property in which it has an interest to go uninsured.

Harold Said:

what is Property Mortgage Insurance?

We Answered:

Basically it is insurance you pay for to protect the company giving you the loan in case you default on it so they can still be paid the loan and resell the house for more money.

That is why the mortgage companies I choose to deal with don't offer it.