Stressing a bit

DDD

Well-Known Member
Personally I have never known that protection to be in a mortgage, only in a separate policy. Of course, I hope I'm wrong! Meanwhile I understand alot of your concerns for the future since my husband has not done what I believed he was doing. It's kinda funny (in a sick sort of way) because I am anything but a week submissive wife from the l950's but...even bright caring spouses can mess up big time. I'm crossing my fingers and saying prayers for you. DDD
 

Hound dog

Nana's are Beautiful
Well, if the policy exists the loan officer couldn't find it, and even she said there should be a copy.....a separate paper for it.

I still don't believe it. I find I'm once again digging in my heels about it. I have to go there anyway to change the house over into my name only, I'm taking all my paperwork with me.......and I'm going to ask her to explain this to me because seriously I made a huge deal out of this at the time, so much so I just can't accept that it wasn't done. Loan officer's only explaination since I remembered it being discussed and agreed on is that it somehow got overlooked. Which, I'm sorry.....it might be true, but I'm finding that hard to accept too as I was refusing to sign a d*mn thing without it in place. And trust me, if I go all stubborn.....no one or nothing is going to get me to back down, so they'd have had to show me that it was in place before I signed. Somehow they'd have had to convince me that it was taken care of or I'd not have budged.

I just feel like someone is dropping the ball. I just don't know who.
 

busywend

Well-Known Member
We just closed on a house and shortly afterwards received a ton of offers for life insurance on the mortgage. I do not believe it would be done with the bank itself. The PMI, as others have said, is an insurance for the bank that if they do have to foreclose on the house, their additional costs to manage that would be covered for them. It is not for the buyer of the home.

It is most likely some sort of life insurance policy that would pay the mortgage in case of death.

Your monthly bill from the mortgage bank should state what is included in your payment.
Principal
Home Owners Insurance
Taxes (in escrow)
PMI
those are the typical things listed.
 

DDD

Well-Known Member
I've been thinking about this policy. Although I was a Realtor I have no knowledge of that protection so this is just off the top of my head....it might help or it might not. Trying to brainstorm with you.

Why not work backwards? Find out how much that type of policy would cost based on the mortgage amount on your home and the year of purchase. Then search for the proof of payment. Personally I would assume that it would be similar to a life insurance policy where X $'s have to be paid up front and then annual payments would be due. Through your bank you would be able to identify who received payment at that time. Frankly (and again I don't know) I would not imagine that it would be a one time payment at time of closing. But any payment would be researchable.

The reason I suggested you try to find out how much it cost at the time of purchase is because you would be able to "see" if a big payment was made. Once you find out how much it should have been/would have been/or was you might know for sure that no sizable payment was made. Does that make sense or help at all?? Just trying to be of help from afar. Hugs. DDD
 

1905

Well-Known Member
Hound, listen, I also remember being offered this at a closing for a property we owned. I remember the mortgage people offering it to us, but we didn't go for it. I just asked husband if it would have been separate, or part of the mortgage....he said that it is a separate policy.......even though the mortgage company offered it. That is why your morgage company said they don't offer it, it's separate. You have to talk to the mortgage company about what separate insurance they offered to you, maybe you can find it through them. How did your husband pay for this? A check? Was it bundled with some other payment ? Trace the money......maybe you can find it that way......((((HUGS)))
 

Hound dog

Nana's are Beautiful
Hmm. Helpful ideas.

This weekend Nichole and I are tackling the familyroom. This is where our important papers were kept before husband inherited his mother's desk. Actually.......it's where I found the house paperwork a few years ago when I discovered boxes that had never been unpacked from the move. (I was majorly ticked off) So there is a remote possibility it might have gotten separated for some reason and I just hadn't come across it to return it with the house paperwork.

I can try tracking it down via cancelled checks or old accts (the acct I used to during the purchasing of the house I believe now is closed) but husband's records of that is worse than his records of everything else. He might not have tossed them out, but they could be strewn all over the house.

If I had to be married to a packrat, why couldn't it have at least been an organized packrat??

Ok. When I go to change the house over, I'll take my paperwork and ask the loan officer who they normally recommend for such coverage......then, I'll call them too. It doesn't hurt to try. I mean I don't think the mortgage co is necessarily giving us the run around......but I think somehow we're not maybe asking the right questions of the right people or something.
 

InsaneCdn

Well-Known Member
Lisa -
You've got time to work this through. They are NOT going to throw you out of the house any time soon.

Ok. When I go to change the house over, I'll take my paperwork and ask the loan officer who they normally recommend for such coverage......then, I'll call them too. It doesn't hurt to try. I mean I don't think the mortgage co is necessarily giving us the run around......but I think somehow we're not maybe asking the right questions of the right people or something.

Also ask who they would have been recommending at the point in time that you did your mortgage. The current co is not necessarily the same one.

I'm hooking up my back-up power unit to this thread... <smile>
 

Steely

Active Member
Sending hugs....
If you had life ins on the house it seems there either would be a monthly bill that you would have paid, and you can trace that easily through the bank...or....it is listed in the details of your mortgage statement coupon book that you have.
 

DammitJanet

Well-Known Member
Lisa...how have you guys been paying your bills all these years? You have either had a bank account or some way that you have been sending money to somebody for the bills. Im really praying like crazy you arent going to tell me you have been paying by money order for umpteen years. Hopefully it is a bank account in both your names and you can find the payments going out to someone. I would go to the bank (hopefully) in the first year that you bought the house and get a copy of the statements and see what the checks were written for. That might give you a clue.
 

KTMom91

Well-Known Member
When I bought my house, I took out a separate policy that would pay off the house if I died, because I was a single parent and Miss KT was only 5. I wanted to be sure she would always have a home, even if her father had to move in here to raise her. It was not included in the homeowner's insurance.
 
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