Posted on: 16th Sep, 2010 07:06 am
A friend in Mi. had been paying PMI on the mortgage for her home, which was foreclosed on. After the foreclosure, she recieved the title for the home-FREE AND CLEAR. How did that work? Is this correct?
Hi jones!
Welcome to forums!
After a foreclosure sale the home will be owned by someone else. Your friend will not be the owner of the property. In that case, she shouldn't receive the free and clear home title. However, after the foreclosure sale, once she pays off the balance amount, she won't be liable for the debt any more.
Sussane
Welcome to forums!
After a foreclosure sale the home will be owned by someone else. Your friend will not be the owner of the property. In that case, she shouldn't receive the free and clear home title. However, after the foreclosure sale, once she pays off the balance amount, she won't be liable for the debt any more.
Sussane