How To Avoid Paying Mortgage Insurance

Michigan counties file unprecedented foreclosure fraud suits

Two Michigan counties, Oakland and Ingham, are suing some of the biggest players in the mortgage industry for what one official called a “fraudulent conspiracy” to avoid paying state and county property transfer taxes.

Oakland County Treasurer Andy Meisner is suing mortgage giants Freddie Mac and Fannie Mae in the nation’s first federal lawsuit seeking to recoup tax payments never paid on properties that were transferred several times during the height of and during the foreclosure crisis that has gripped the nation over the last few years,

“I do think it’s fraudulent and I do think there is strong evidence to suggest there has been fraud. I do think it is a fraudulent conspiracy,” Meisner said. “We are identfying the people involved and we are systematically working to hold them accountable.”

While Ingham County Register of Deeds Curtis Hertel Jr. would not go so far as to allege a “fraudulent conspiracy” he says that the aim of his lawsuit is to find out just how deep the malfeasance went.

“This is about getting to the truth,” Hertel said Wednesday, standing in front of one of the many foreclosed and empty houses in the city of Lansing. “I believe the crisis has been further exacerbated by a systematic attempt to avoid state transfer taxes in my office.”

Hertel’s lawsuit alleges that the defendants and their agents claimed tax exemptions they were not entitled to. Specifically, the defendants are alleged to have claimed an exemption which prevents the federal government from having to pay the property title transfer company. The defendants claim that Freddie Mac and Fannie Mae are federal entities.

Meisner’s lawsuit alleges the same claim against just Freddie Mac and Fannie Mae.

“Defendants have not paid the Transfer Tax because they have claimed on the face of the documents they have recorded that the transaction is exempt from the Transfer Tax. They sometimes claim the transaction is exempt because they are government entities and, under Michigan statute, government entities are exempt. Other times they claim they are exempt pursuant to federal statute.

“Neither claimed exemption applies. Defendants are federally chartered private corporations and not government entities. Defendants’ federal law exemption from certain taxes does not include the Transfer Tax.”

Both Freddie Mac and Fannie Mae are publicly traded companies, according to their websites.

Is Buying Mortgage Unemployment Insurance a Smart Move? | SBJX

Mortgage unemployment insurance financial products are becoming more common. Additional features, the owner is actually paying to be included in monthly premiums, it includes a lot of mortgages and insurance. They really are so completely different, either built into your mortgage, both have a separate policy, this is the work of insurance how to understand the types of these two financial activities are particularly important But very wise. The difference (20% equity in your home if you have less) insurance is included in your loan, you are usually late to buy unemployment insurance for the protection of third party are insured to protect lenders in the event of being pledged as collateral for the loans, if they are to lose their jobs.

Mortgage unemployment insurance and the economy

Uncertain economic times, the work of your company or your spouse is reduced, and may be closed, you know layoffs or other institutions. It may be, your financial situation is very fragile. Most people are losing their jobs if they do not have enough financial security can continue to pay the mortgage for a very long time. Therefore, mortgage unemployment insurance is very smart for anyone who needs to avoid paying a mortgage.

To prevent your loan default

When you buy a house, mortgage payments and were all good until you decide to stay. Unfortunately, involuntary unemployment and control our circumstances, and sometimes, lead us to the brink of disaster and finance.

To feed your family in the face of it, or mortgage payments, increasing the average family has to win the tough decisions. This will stay with the status of defaulted mortgage payments turn. When you purchase the insurance, unemployment insurance, are not concerned about such a situation. If you lose your job, this is your fault, but is started in order to maintain the unemployment insurance program, so your mortgage payments, you can concentrate on other things.

Fact check

Even if a very useful type of insurance mortgage unemployment insurance implemented, there is a limit, you must decide whether to invest in the knowledge of such a policy. Most of the plans, a waiting period, there are benefits. You have to save up enough money to pay you during this period must wait, if you do not have the funds to buy extra protection for your mortgage.

Are you part-time, family, work, if you are self-employed, work and retirement of more than 10% of corporate shares to accept, hold the position of the season, remember to collect unemployment insurance You can not. If you lose your job voluntarily, are excluded. There are other limits the ability to collect unemployment mortgage insurance products. None of them, I believe that spending money to be applied to your premium.

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