Foreclosed home with PMI insurance

[ilbcertain]

We had to let our house go during a chapter 13. We were paying PMI insurance with our mortgage payment.Who will contact us regarding foreclosing process, the original bank we took out the loan with or the company that the PMI insurance was paid to? The bank is local where we live but the PMI company is on the other side of the country and we have not heard anything from anyone in like 7 months.

[tobee43]

was your PMI mortgage with FHA or Va or Conventional??

[ilbcertain]

was your PMI mortgage with FHA or Va or Conventional??

Think it was FHA. it was with a local credit union. I am not a vet.

[tobee43]

if it's an FHA the bank or credit union must foreclose and at the least attempt to sell the property prior to them being able to collect any remaining amount covered by the PMI.

so step one it has to go via FHA (which is government backed) and then PMI. what a mess (by the way we also have an FHA with PMI).

[ValleYum]

Good foreclosure info and links from the state of Washington here: http://www.dfi.wa.gov/consumers/homeownership/

[tobee43]

Good foreclosure info and links from the state of Washington here: http://www.dfi.wa.gov/consumers/homeownership/

thanks for the link!!

yes, it appears Washington State is Non-Judicial state and would most likely move faster than those that are Judicial. (but i wouldn't hold my breath, they seem to be taking so long almost everywhere with the exception of a few areas in the country). we most certainly would have liked ours gone already, however, very unlikely to happen any time soon.

also, if you let the house go, like we did and it was surrendered, i wouldn't be very concerned who will be contacting you. actually, it is possible you may never be contacted.

[ValleYum]

LOL Tobee, no one has talked to us in months.

[tobee43]

LOL Tobee, no one has talked to us in months.

YEARS for us Valle! LOL!! doesn't mean tomorrow i may hear from them. i hope, i hope, i hope...don't think so tho.