Quote:
Originally Posted by Devils'Advocate
Okay.... I'm a single guy with a medium sized house and a sizable mortgage. I was always worried that if I were to be hit by a bus, that mortgage would fall to the person I will the house to. And knowing the housing market was in a state of flux, I was worried that the person I willed the house to might not be able to sell it, thus being stuck with mortgage payments. So I had mortgage insurance, and replaced that with life insurance. But do I need either? Is there a way that the bank takes the loss on the house?
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There is no point in any insurance if you are single and have no one to leave money to, I have a 20 year kid, no wife and so have no insurance either, my kid will get several hundred thou' from the house and is on her own after that.
You die the house gets sold, the mortgage company takes what it can from that after the goverment has first dibs.