Mortgage insurance-rebuilding costs raising premiums
We had an old loan that had a balloon payment come due. i didn't know about it and couldn't pay it off so i had to re-finance it. home re-appraised and insurance company contacted. Well they looked at our account and sent us a form to fill out on our home. did that. then got a letter telling us our premiums were going up.
I called yesterday to be told re-building costs have gone up. my home used to be set for $256,000 to rebuild and i pay $71.00 monthly. Well they now say re-building cost would be $416,000 and my premiums will go up. I won't know for another two months how much.
I"m out of work and living on SS cks. all that trouble trying to refinance that loan amount and may still lose my home yet. I hate insurance companies.
anyone else run into this?? jeesh.