Something you may want to read..... or may not!

[willair]

Does anyone know how the "All Moneys" clause works,and how often can something like this be enforced upon the mortgagor when uncertainty
come into the real estate markets.

 

[Token Funder]

Is it possible that the mortgage insurer will not pay out on the insurance if the lender (e.g. CBA) knows the borrower is in default and doesn't take action to resolve the situation? That would align with similar clauses in landlords and other insurances... If that's the case then it is entirely possible that a negative equity situation could result in the insurance not being paid out (if the lender doesn't take action to reduce the loan appropriately) as technically negative equity could be seen as a default, as per the CBA loan agreement:

http://www.commbank.com.au/personal/apply-online/download-printed-forms/UTC_HomeLoan.pdf

If a lender cocks up, for example by failing to do something in the arrears mgt process that adds to the loss unnecessarily, the insurer would be within their rights to reduce the amount of the claim by that amount.

Happens from time to time but not a major issue.

 

[Ridin-High]

I paid a **** load in LMI, you would think the policy would cover everything under the sun

 

[cu@thetop]

I used to be a regular visitor to HC. There was a lot of pump and dump going on then, is it still the same?

Is it some sort of dating site?

 

[willair]

I used to be a regular visitor to HC. There was a lot of pump and dump going on then, is it still the same?

On the numbers it will never change in that site,some that i read seem to make serious money"IF",and that would be a big "IF",they buy and sell
in the timeframe they talk about,but there are a few in Brisbane that i have meet from that site and they have done very very well,and you would not pick them as investors,just quite shy people,who love risk.

 

[tom32]

I paid a **** load in LMI, you would think the policy would cover everything under the sun

Sorry, because that could be left up to interpretation, can I add;

While I am certain with your experience you understand LMI, for clarity for young punters who may not and think they are getting some kind of value out of it, LMI covers the bank not the individual. It provides absolutely no relief whatsoever to a borrower.

It is simply the means by which you can obtain finance if you cannot, or would prefer not to stump up more (in most cases) than 20% of the market value (in the banks valuers opinion) of the property.