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Mortgage insurance was canceled. Is this right?
Mt sister and husband paid mortgage insurance from the get-go, 13 years. So in the event one died the house would be paid off. Her husband did die last spring and when she went to the lender they told her even though they show the insurance was paid it did not transfer to new mortgage holder when the loan was packaged and sold. Is this the way it works?
It was mortgage protection insurance I believe they may have had.
2 Answers
- ?Lv 77 years agoFavorite Answer
If they were paying it after the transfer, then it is still valid. I would contact your state insurance commissioner and have them help you or look into it. Failing that, call a lawyer.
- AnonymousLv 77 years ago
Yes. This is how it works. She can request (demand) the money back for the premium she paid to the old lender, after the loan was transferred to the new lender.