If you are in foreclosure isnt the department of Housing and Urban Development insured by the MIP that you pay

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If you are in foreclosure isnt the department of Housing and Urban Development insured by the MIP that you pay

Is it possible for The Department of Housing and Urban Develpoment to deffer arrerage payments when you have a government loan if the bank has started foreclosure proceeding.

2007-08-01 10:09:15 · 2 answers · asked by Suzy Q 1 in Business & Finance ➔ Renting & Real Estate

2 answers

No. All the MIP premium does is provide insurance to cover the lender against losses up to a certain amount if you are in default and they have to foreclose.

2007-08-01 10:13:57 · answer #1 · answered by Bostonian In MO 7 · 0⤊ 0⤋

No. Sorry, but the foreclosure will continue unless you can come up with a compromise with the lender.

2007-08-01 17:15:03 · answer #2 · answered by Cheryl G 7 · 0⤊ 0⤋