If I move out of my house will there be a foreclosure even if I have mortgage insurance.?

If you quit paying on the mortgage, then yes, they will foreclose and your credit will be screwed for a very long time.

SURE. Your positing is confused or confusing. Mortgage insurance, if it’s PMI is only for benefit of lender, for the amount of the down payment NOT paid by borrower. If you have insurance and have a reverse mortgage, generally the insurance is to pay off the mortgage at the time of your death. If you have a reverse mortgage, your home was paid off and you’re drawing out from your equity for your current living expenses, and you’re NOT paying a mortgage or going into foreclosure.
If you go into foreclosure, yes, your credit is destroyed.

Best bet is to stay there or to rent out the home and wait for the financial crisis to play out and home values to stabilize and increase.

Just posing the question here is already the intent and your motive, so yes. But you can’t just move and not pay your mortgage because of crime….

The answer to your question depends a lot on what you do after you move out of your house.

If you continue to make the monthly payments then nothing will happen, perhaps you would have a renter that could assist in making the mortgage payments.

Either way if you fail to make the monthly mortgage payments then the mortgage company you owe will eventually have to find away to get a monthly payment or take the necessary action to get the collateral that was put up to get the mortgage.

In the United States the way most lenders get the collateral that was used to secure the mortgage by using the non-judicial foreclosure procedure.

The foreclosure will be placed on your credit report for anywhere from 5-10 years. Now destroying your credit might be a harsh word, because you will still be able to purchase items if you currently have credit cards and still use them.

Now if you apply for new credit, by the foreclosure being on your credit report you might still be able to obtain credit, but it will cost you more in the way of interest.

The longer you wait to purchase things after a foreclosure has been placed on your credit report the less if affects you and your borrowing.

Of course if you continue to pay on your existing credit cards and credit, there might not be a sufficient drop in credit score or ability to get new credit.

I hope this has been of some use to you, good luck.

“FIGHT ON”

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Agree with Chatspl…

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