If you place less than a 20% down payment on you home, you could be forced to buy PMI insurance, (private mortgage insurance). Not only does the PMI monthly premium cost add an extra cost to your monthly mortgage payment, if you get into a car accident, even if you are not at fault, and miss work as a result and fall behind on your mortgage, the bank can file a claim against your PMI!
Once the bank files a claim against your PMI, they can refuse any future mortgage payments from you, and then foreclose on your home. Like they did to this family.
Please sign the Rachel Kendall change dot org petition.
Read more about forced insurance practices against homeowners by Gretchen Morgenson at the New York Times.
Read more about forced insurance practices against homeowners by Gretchen Morgenson at the New York Times.
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