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daffydoug Eternal Order Look mom! I've got 14077 Posts |
This is rather embarasing, but I have always found the guys here on this board to be pretty nhelpfull and not critical so I will throw this one at ya.
I signed a mortgage contract a year and a half ago, but I don't REALLY understand the durn thing, except that I have to pay the money on time every month or else. Here is wht I'm saying. My wife died Nov 14'th of this year, and both our names were on the contract. Wel, TWO people so far have told me the same thing. The mortgae insurance should kick in and pay off the mortgage now that she is gone. My first thought was man, that's too good to be true! They would surly do that like pulling teeth. But never the less, I pulled the contract out of my file and tried to read it. Man I was overwhelmed! It's all in this long winded legaleze which totally throws me for a loop. Does anybody here have knowledge of these kind of things? Is it really possible that that her death could cause the insurance to kick in and pay off the mortgage?
The difficult must become easy, the easy beautiful and the beautiful magical.
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CJRichard Special user Massachusetts 542 Posts |
Please, daffy, check with your lawyer, your mortgage company and the mortgage insurance company. Don't accept any other advice from internet friends.
"You know some of you are laughin', but there's people here tryin' to learn. . ." -Pop Haydn
"I know of no other art that proclaims itself 'easy to do.'" -Master Payne Ezekiel the Green |
Skip Way Inner circle 3771 Posts |
I agree with CJ...there are as many different coverage plans as there are Paris Hilton social faux pas. It would be worth the cost of an attorney consultation to competently decipher your options. Personally, I wouldn't rely soley on the agent who administers the policy. I
For everyone else...I assume you're talking about mortgage life or protection insurance. There's a difference between mortgage insurance (protects the lender if you default for any reason) and mortgage life insurance (pays your loan if you're unable due to death or disabling illness or injury). Mortgage insurance is required by most lenders unless you owe less than 80% of your home's value. Mortgage life insurance is optional. When I bought my home, I looked into mortgage life insurance. The policy offered through my lender protected them, not me. As I understood it, if either my wife or I were unable to make the payments due to death or long-term disabling illness or injury, the insurance would kick in and make the payments until we could recover or sell the property. I also believe that the amount that the mortgage policy will pay also diminishes over time. If you owe $50,000 on a $200,000 house, the policy will pay up to the $50,000.00 only...even though the original policy covered the full $200,000 value of the home. These policies also do not usually cover escrow expenses such as homeowner's insurance premiums, mortgage insurance premiums and taxes. You could still lose your home to unpaid taxes or default due to unpaid mortgage insurance premiums. The lender simply wants his or her money back in the event of any default...they don't care about your needs or protection. I was advised by an attorney friend to ignore the more expensive mortgage life insurance and purchase indpendent term life policies for my wife and myself in an amount equal to the value of the house. Such a policy pays a lump sum that you control in the event of death. Supplemental disability insurance covers our full mortgage payment (including escrow) in the event of illness or accident. Together, these two plans are more practical and FAR less expensive than the mortgage life coverage. Good luck with this!!! Skip
How you leave others feeling after an Experience with you becomes your Trademark.
Magic Youth Raleigh - RaleighMagicClub.org |
balducci Loyal user Canada 227 Posts |
Quote:
On 2006-11-30 06:37, daffydoug wrote: You should really speak with your bank or whoever it was you arranged this mortgage through. If it is an honest lender, they should give you good advice. I just looked up the specifics on the mortgage insurance my bank offers. With my bank, a twist is that the default mortgage insurance only applies in case the OLDER of the husband and wife dies. If you want the mortgage to cover EITHER death, a higher premium (50% more) needs to be paid. This just reinforces what Skip said, that there are many different forms of coverage plans. What I said up above may or may not apply in your case.
Make America Great Again! - Trump in 2020 ... "We're a capitalistic society. I go into business, I don't make it, I go bankrupt. They're not going to bail me out. I've been on welfare and food stamps. Did anyone help me? No." - Craig T. Nelson, actor.
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daffydoug Eternal Order Look mom! I've got 14077 Posts |
I've learned much just from he few above posts. I wish to god I understood sall that legaleze in the contract.
Maybe I shouldn't have taken the mortgage on to start with...but I loved my wife and so badly wanted to give her a real HOME, rather than the rented shabby trailers we had been living in for all those years. Of course, in the back of my head was the thought that with her illnes she likely wouldn't be around forever, but at the time I had no prescience of exactly how long she had to live. It was an intangible, at best. I did the very best I could do with what I had at the time with the love in my heart for her. Now I have a huge burden; an albatross. life is crazy, sometimes. Lots of twists and turns and plot changes. Even Max Maven himself couldn't predict what is coming down the pike.
The difficult must become easy, the easy beautiful and the beautiful magical.
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balducci Loyal user Canada 227 Posts |
By all means get in touch with someone local who can authoritatively answer your questions. I should hope it would not be difficult for you to get straight answers from your lender. Maybe you are covered. Best of luck, keep us posted if you like.
Make America Great Again! - Trump in 2020 ... "We're a capitalistic society. I go into business, I don't make it, I go bankrupt. They're not going to bail me out. I've been on welfare and food stamps. Did anyone help me? No." - Craig T. Nelson, actor.
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Skip Way Inner circle 3771 Posts |
Quote:
On 2006-11-30 16:12, daffydoug wrote: "Many of us crucify ourselves between two thieves - regret for the past and fear of the future." Fulton Oursler You've defeated the thief named "Regret" by ripping away his power over you. You gave your best to your wife when it mattered most. You sacrificed to fill her life with something important to you both. You'll never have tolook back and wonder, "If only..." GOOD for you! Now, draw upon the strength that saw you through this latest test and overpower the remaining thief. Seek solutions to your problem that leave your future clear and filled with hope. You're halfway home! My respect for you is soaring! Good luck, Doug! Skip
How you leave others feeling after an Experience with you becomes your Trademark.
Magic Youth Raleigh - RaleighMagicClub.org |
rossmacrae Inner circle Arlington, Virginia 2475 Posts |
Check with your attorney (cheap when there's this much money at stake.)
But first, do your homework. Come at it like you are a new customer, and see what promises are advertised - it might prepare you to ask in a way that gets you what you want instead of getting blown off. Sort of like, instead of starting out asking "please will you do this?," asking "it says here that you will do this." Then if you don't get what you hope for, check with the attorney who represented you at the closing (you DID have your own, didn't you?). If there are any remaining questions, check with your general-purpose attorney. |
The Drake Inner circle 2274 Posts |
[/quote]
On 2006-11-30 17:50, Skip Way wrote: "Many of us crucify ourselves between two thieves - regret for the past and fear of the future." Fulton Oursler You've defeated the thief named "Regret" by ripping away his power over you. You gave your best to your wife when it mattered most. You sacrificed to fill her life with something important to you both. You'll never have tolook back and wonder, "If only..." GOOD for you! Now, draw upon the strength that saw you through this latest test and overpower the remaining thief. Seek solutions to your problem that leave your future clear and filled with hope. You're halfway home! My respect for you is soaring! Good luck, Doug! Skip [/quote] Skip... Simply one of the best, most positive and most TRUE posts I have ever read here on the Café! Best, Tim |
Patrick Differ Inner circle 1540 Posts |
Concurred.
What Timothy said.
Will you walk into my parlour? said the Spider to the Fly,
Tis the prettiest little parlour that ever you did spy; The way into my parlour is up a winding stair, And I've a many curious things to show when you are there. Oh no, no, said the little Fly, to ask me is in vain, For who goes up your winding stair -can ne'er come down again. |
Professor Piper Special user Somewhere, out there... 770 Posts |
Absolutely agree!
My hat is off to you Skip, great response. Doug, hang in there buddy...Get good advice and act upon it. You are one h@ll of a guy... Wish I could be half the man you are pal. Prof. Piper (Terry)
"Nemo has been found! He was on an Admiral's Platter at Red Lobster!"
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