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single sister helping disabled brother Asked:

My mortgage has pmi insurance and the payment just went up because of insurance and taxes. I cannot afford the payments anymore even though I am current. If I default on the mortgage exactly what does the \"PMI\" do? and how much can they come back to me for? [Edwardsville KS]

04/27/2008

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Answer Provided by: Drew Sygit [04/28/2008]
 

The PMI will refund the lender some of their losses on your foreclosed loan. Whether or not the lender or the PMI companycan come after you for anything depends on your state laws. Check with an attorney.