The Tribune

EDITOR, The Tribune.

I understand before loaning money the lender naturally wishes to be secure but there surely is a limit. What is Mortgage Insurance?

I presume it means what the title says - Insurance of the Mortgage, but is it?

If it was then how could Mortgage Companies foreclose anyone as their risk is covered by Mortgage Insurance?

Are the Mortgage Companies taking high premiums for Mortgage Insurance and really the mortgagee is paying a premium on a flam?

They usually ask you for a Life Insurance - Comprehensive on the Property and Mortgage Insurance - all risks covered but if you default the Mortgage Bank still re-possesses.

You either have me paying Mortgage Insurance for the purpose you explain or not you can’t have it both ways and up and down.

This surely is one of the problems facing the ‘000’s of persons who find themselves in debt difficulties as a result of unexpected unemployment or drop in income. For sure, the Mortgage Bank can’t have you paying Mortgage Insurance and still retain the right to repossess it, it is one or the other especially if they are collecting a substantial premium.

CYNTHIA WILLIAMS

Nassau,

February 15, 2016.