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Thanks for your replies. However, I'm told that if there is a shortfall the financer who has taken possession of the property claims the difference on LMI. Do THEY then come after the poor disposessed 'owner' or is that what the huge premium charged at the start of the loan was meant to cover?

On the other side of the coin, does anyone know what happens to the "difference" if the property is sold by the mortgagee for less than the loan was for? Is that what LMI is for? If you are the owner of the property taken back by the bank, and being auctioned off, is that the end of it or do...