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Will mortgage insurance (PMI) protect U from a deficiency judgment in a foreclosure?

Feb 17, 2008 by gr839 | Posted in Renting & Real Estate

Does having a mortgage insurance (PMI) on a house prevent the bank and/or the PMI insurance carrier from getting a deficiency judgment again you if the house goes to foreclosure? In other words, will PMI allow a homeowner to walk away from a foreclosure

No, it is insurance for the bank that loaned you money to the other bank that funds them. THEY are protected if you walk, not you. You can not insure yourself for having bad character.

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