September 16, 2010
Home Loans. Better Home Loans Also, california reverse mortgages …
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Home Loans. Better Home Loans Also, california reverse mortgages …
Filed under UK Insurance, UK Mortgage Protection by on Sep 16th, 2010.
Comments on Home Loans. Better Home Loans Also, california reverse mortgages …
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South African banks are even more awesome. If you can’t pay one of your monthly payments, you go into overdraft temporarily, they charge you a big fee, then they reverse the payment. One month I was a bit short of money. So what did the bank do? They took off the biggest debit order first (mortgage repayment). It put me temporarily into overdraft. Then all my other payments went off; I was already in overdraft so each one accrued a fee. Then the bank reversed every one of those payments, even though I had enough money to pay all of them except the mortgage. And they never told me. I only found out a week later when I got phoned by the mortgage institution.
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I think if you live in the UK and you have a mortgage, you should consider some form of UK mortgage protection like this. As far as I know British insurance offer the best and most affordable policy available today. Unfortunately i was not aware that I didn’t have to go to my mortgage provider to get cover for mortgage payment protection insurance..I think I paid about twice that for my MPPI insurance. Ah well, at least it kept a roof over my head!
I agree FHA does not require it, however, the terms outlined in my contract with the reverse mortgage bank stipulates it, and I didn’t notice that at the time I signed the contract. I wonder if FHA would allow that, and I called FHA and they admitted they did not require it, but could not answer my question about it being in my contract with Bank of American. Can Bank of America enforce that? How do I find out? Thanks.
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