Posted on: 07th Nov, 2011 06:11 am
what are the latest laws in new Mexico regarding force place mortgage insurance?
You would want to consult a mortgage professional in your state, but generally the mortgage insurance is different then Hazard insurance. There is forced placed hazard insurance from the lender, if that is what you are referring to. Mortgage insurance is specific insurance to protect the lender from default on your loan, not on the home. Hazard insurance protects your dwelling, and not the loan. So for forced place hazard insurance, the lender will place an insurance policy on the property to cover in the event of fire or other disaster. The premiums are more expensive if you were to purchase on your own. This make sure that the collateral of the lenders note, does not burn down with no insurance...I hope I answered your question. Good luck