MGIC Paid Off 2,400 Loans last month! Why Does the Borrower Still Need to Pay the Same Creditor?


Manifest Injustice!

Livinglies's Weblog

Among the many insurance companies that paid off loans or assets based on loans, MGIC. Off 2400 loans a month of January alone, which appears to be virtually all residential mortgages. Press the reason that nobody is paying any attention to this is that normally the insurer acquires the claim through a legal process called subrogation. In the world of securitization the insurer waives subrogation. So we are left with a payment to a creditor. The creditor is identified as the lender for purposes of the insurance. There is no doubt in any venue that once a settlement is accepted by a creditor or claimant the case is over.

But in mortgage foreclosures in appears as though even the most basic and common sense knowledge is ignored. The creditor receives full payment and then allows an agent to foreclose on the property even though the account receivable not longer exists…

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