Complaints about payment protection insurance
The Financial Ombudsman reports that they “have been receiving significant numbers of complaints about the sale of mortgage payment protection insurance this year. Sometimes called ‘mortgage protection’ or abbreviated as ‘MPPI’, this type of insurance covers mortgage repayments in certain circumstances, for example if the policyholder is unable to work because of illness or if they are made redundant.
How these Mortgage Payment Protection Policies work – and the range of benefits they offer – can vary considerably from policy to policy.
When considering complaints about mortgage payment protection insurance, the Financial Ombudsman applied long-standing approaches to the sale of insurance products and stated that the complaints settled have raised very few new issues.
A spokesperson for the Finnancial Ombudsman stated that “applying the standards set by the law, by good industry practice since the 1990s, and in recent times by the FSA, enabled us to be clear about the approach we take to the selling of insurance – and to follow this approach consistently in these cases. As the cases show, the details of the particular policies sold, and the sales practices of the businesses concerned, can make a significant difference to the outcomes of these cases – as can the circumstances of the individual customer.
Mortgage Payment Protection Insurance is a valuable tool available to most offering protection against some of those unfortunate events that can affect your financial status and wellbeing.
Professional advice is readily available to help you ensure you understand what you are buying and help you decide whether it is appropriate for you.
Add comment October 13, 2008
Cameron reverse mortgage: security for your future
We spend our entire youth working towards securing our future and that of our loved ones. The assets we build and the property we acquire are all aimed towards taking care of the inevitable old age and any unforeseen circumstances. However the best of preparations may not suffice when it comes to beating the rising cost of commodities due to inflation. Especially after the retirement age, one needs to be very careful about their fund management as the steady source of income form a regular salary comes to an end when the breadwinner for the family takes a retirement. In such circumstances your house may be a bigger asset than you imagined as it provides you with the opportunity to take a reverse mortgage loan against it.
If you are above the age of sixty two, have taken your retirement and own a house in Cameron or any other state in America, you are entitled to get a Cameron reverse mortgage in lieu of your property. A lump sum can be paid to the property owner if he or she decides to keep the house as a mortgage against the loan. The difference between a reverse mortgage and a normal mortgage or loan is the fact, that the borrower retains the ownership of his house till the very end. He can, in fact, continue to use the property for residential purpose till the time of his death or till he decides to sell off the property. In that case, however, the loan amount needs to be repaid in full settlement before any money is made available to the owner.
A reverse mortgage also ensures that the debt does not pass on to the borrower’s heirs in the situation of his premature death before he repays the entire loan amount in some manner. The major advantage of a reverse mortgage lies in the fact that the loan need not be repaid during the lifetime of the borrower. Only the house tax and other charges should be paid regularly. Only after the demise of the owner, the house will be sold off to repay the loan amount. Till then the property remains in the name of the original owner. Also multiple mortgages may be applied for on the same property provided that the reverse mortgage had been the first and only loan in lieu of the property.
Hence, a reverse mortgage loan is one of its kinds where the senior citizen can continue to spend his post retirement days in peace, assured of his financial security and without having to seek the help and support of any family member or well wisher. The house that had been built with much expectation and fondness, truly serves to support him till the very end of his life, giving the respect and dignity that he deserves. The financial stability and security offered under reverse mortgage loan helps to ensure that the cash inflow continues even well after one has settled into a retired life.
Add comment September 17, 2008
Foreclosure
Foreclosure is the legal proceeding in which a mortgagee, or other lienholder, usually a lender, obtains a court ordered termination of a mortgagor’s equitable right of redemption. Usually a lender obtains a security interest from a borrower who mortgages or pledges an asset like a house to secure the loan. If the borrower defaults and the lender tries to repossess the property, courts of equity can grant the owner the right of redemption if the borrower repays the debt. When this equitable right exists, the lender cannot be sure that it can successfully repossess the property, thus the lender seeks to foreclose the equitable right of redemption. Other lienholders can and do use foreclosure, such as for overdue taxes, unpaid contractors’ bills or HOA fines.
The foreclosure process as applied to residential mortgage loans is a bank or other secured creditor selling or repossessing a parcel of real property (immovable property) after the owner has failed to comply with an agreement between the lender and borrower called a “mortgage” or “deed of trust”. Commonly, the violation of the mortgage is a default in payment of a promissory note, secured by a lien on the property. When the process is complete, the lender can sell the property and keep the proceeds to pay off its mortgage and any legal costs, and it is typically said that “the lender has foreclosed its mortgage or lien”. If the promissory note was made with a recourse clause then if the sale does not bring enough to pay the existing balance of principle and fees the mortgagee can file a claim for a deficiency judgement.
Add comment July 23, 2008
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1 comment January 6, 2008