She says that instead you should call your life insurance company and ask how much it would cost to provide additional life or term life insurance coverage for
the full mortgage amount.
If you've been turned down for a second mortgage, or if the lender is requesting
the full mortgage amount, then you should try to replace the mortgage with a new one.
The value of arrears and fees is typically much lower than
the full mortgage amount, and once paid the borrower may resume the mortgage normally.
This insurance reimburses the lender
the full mortgage amount should a person default on the loan.
Of course, during this time you are making mortgage payments on
the full mortgage amount.
If I'd taken
the full mortgage amount the bank had offered, my payment would be 50 % more than it currently is, and I'd be struggling even more than I am now to balancing savings with wants.
By that time Moore had found a new job, but the family hadn't paid
the full mortgage amount in years.
Many of our older customers need not cover
the full mortgage amount as the surviving spouse will not stay in the home after they die.
The coverage decreases over time, always approximately corresponding with the amount of debt left to pay off
the full mortgage amount.
However, with a judicial foreclosure, a lender can get a deficiency judgement which allows the lender to pursue
the full mortgage amount from the borrower.