Posted by Krista on July 19, 2007 at 09:30:10:
The mortgage company will not release the final funds until you have the insurance. Pay for it and then as soon as they release the money you should be able to cancel and get 99% of the money back. You will then be able to let the house go. (I work for a mtg company)
Construction to perm loan - Posted by Dianne
Posted by Dianne on July 16, 2007 at 08:59:47:
We have a home that C/O’d. The mortgage company knows we want to voluntarily forclose on it. They are waiting for us to sign over the final draw to go to builder, and for us to buy homeowners insurance. BIG QUESTION: if we are going to foreclose, why buy insurance? I understand the builder needs to get paid and outta there but…I just don’t get it. NO one has my answers.