YOU ASK:

How do you access mortgage insurance if you are unable to make a payment?

WE ANSWER:

You can contact your mortgage company if you are unable to continue payments on your mortgage. If your reason for not being able to pay is covered by your mortgage insurance, the mortgage company will contact the insurance company to make a claim. In the case of mortgage insurance, it is the mortgage company's interests that are being protected, so they are the ones who will file the claim.

What you just need to do is call them and make arrangements on how your mortgage will be settled. You must remember, though, that having late payments and non-payment of the mortgage will adversely affect your credit rating.

It is important that you contact your mortgage company promptly when a problem crops up that makes you unable to pay for the monthly mortgage payments (such as if you get fired from your job or you are diagnosed with a critical illness). Delaying notification may cause some penalties for you, or worse, the forfeiture of your property.

Now, if you are concerned about facing the forfeiture of your property in the event that you cannot continue to pay for the monthly mortgage payments, you can get a mortgage protection payment insurance, which is different from a mortgage insurance. The mortgage insurance will pay the mortgage company in the event that you default on your loan.

Meanwhile a mortgage protection payment insurance policy will pay (in your behalf) the monthly or yearly mortgage payments so that you still maintain a current standing with the mortgage, even if you have had an accident, are sick or are fired.

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