Any luck collecting on PMI?
On the NPNs that we've bought, some had PMI (Private Mortgage Insurance) at one time but these policies lapsed because the borrowers went delinquent and previous lenders failed to keep paying the premiums.
We purchased one recently, however, where the lender was advancing the premiums. I want to make sure that the policy stays in effect so I can put in a claim, if necessary. The property might be worth more than the insured amount but I want to be able to recover the full amount.
I got off the phone with MI company and it seems that I need wait for this loan to fully board & talk to my servicer about making the payments from the escrow account. Once we foreclose, I can then put in a claim for the insured amount.
Anybody have experiences with this that they can share?