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If i pay mip insurance then if i default on my house payments why doesn't that insurance pay my mortgager?
Wiki User
∙ 15y ago
MIP insures your mortgage to the party who buys your mortgage. Your mortgage rarely stays with the bank/credit union who issures it...they sell it to some one else (public pension funds, endowments etc.) who wants the fixed return. So when you hear about all these mortgage backed securities, this is what they're referring to: a bunch of mortgages like yours packed into one security. The FHA mortgages (with MIP insurance) are insured against you not paying back the loan, so they are less risky.
Wiki User
∙ 15y ago
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What happens if you pay your car loan so it doesnt get repossessed but you dont have insurance?
Your car finance company will add their own insurance that covers their vehicle, but not your liability. ANd it will significantly increase your payments. It would be so much cheaper and better protection for you to find your own insurance. Park it until you get insurance.
What is the scope after doing Bachelor of Banking and Insurance?
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The bond likely has a Social Security number on it, so, it will be impossible for you to cash it, without makeing it part of the estate and having the executator do it. Even if they are broke, that doesnt mean you cannot cash him/her out. You can electe an executor, and they can pay bills (or debts) from the money in the estate. I've never really seen executors get sued by anyone other then relatives, who feel slighted. -- If they did not have a will, then they have the default will. (There is a default will in every state).
Can you repossess a car that you cosigned for if the primary has not defaulted on the loan?
To repossess something, you must have had possession of it at one time or it must be collateral on a loan that you are the lender on. To co-sign only means that you agree to pay the notes if the primary buyer doesnt. Collateral for a loan that is NOT in default cannot be repossessed by the lender.
What legal action does the cobuyer have if the buyer doesnt pay the payments for the car loan?
Don't know of any state that allows a co-buyer. There might be. For this purpose, let's use co-signer. What legal action does the co-signer have if the buyer doesn't make the car payments? In reality, the co-signer signed as a guarantee that the payment would be made and on time on the specified date. The buyer is the one buying. That's 2 different operations. The co-signer, at last known fact, cannot take the car because he is not buying it. He's paying THE LOAN since (and we're assuming here) the buyer is not paying. In my experience, if the buyer wants to be a horse patootie, he can drive that car with a smile on his face and not make payments because the co-signer IS OBLIGATED TO MAKE THE PAYMENTS. If the co-signer does not make the payments, then HIS CREDIT IS RUINED! Never co-sign, if at all possible.
Can you repo a car if the title is in the buyer's name already and they default on the payments?
IF they are in DEFAULT of a contract, you can repo the collateral for that contract,IF the contract specifies repossession as a penalty for DEFAULT. If the contract doesnt specify the penalties for default, then you should go to the replevin process. Consult a local attorney with your contract for state specific advice.
What happens if you pay your car loan so it doesnt get repossessed but you dont have insurance?
Your car finance company will add their own insurance that covers their vehicle, but not your liability. ANd it will significantly increase your payments. It would be so much cheaper and better protection for you to find your own insurance. Park it until you get insurance.
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it doesnt
What happens if a persin is injured in a vehicle and doesnt have insurance?
It's on your car insurance.
If you are carrying medical insurance is it necessary or wise to also get medical payments coverage as part of your auto insurance?
It is not required. Please keep in mind medical insurance on an auto policy only pays in the excess of what your work med doesnt pay.It is a good idea to have the medical payments on your policy because it will also cover any passengers that are in your vehicle if they don't have health insurance. It will also pay bills right away. You never know if you are going to lose your job or have something else happen. It is good to cover all your basis.
Can a cosigner take the car away from the borrower if he is in default and the cosigner has a key and is paying the payments?
Bill, ONLY if the co-signor is listed ON THE TITLE as CO-OWNER. Co-signors only responsibliity is to make the notes if the signor doesnt. Signor is just USING co-signors creditworthiness.
What to do when an insurance company doesnt pay amount of damages?
sue
What is the name of the default skateboard on tony hawks project 8?
iy doesnt have one they created it but it is cool
To make any change to a router whats the default?
Usually when it asks you for a password, just click the Next or Submit button, and it will let you through. But if that doesnt work, here are some default passwordsadminadministratorrootusertech
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Without a default gateway you will not be able to route packets out of your LAN; in other words, you will not have Internet access, or access to any other network in the enterprise.
Why doesnt your insurance cover the removal of raccoons?
Insects, pests, vermin, rodents, etc are basic exclusions of an insurance policy.
Is it a good idea to purchase supplemental insurance?
it probably would be a good idea to get supplemental insurance if your present insurance doesnt cover 100%. it does not seem to be a good thing without insurance already.
