Mortgage redemption insurance

[nohocker]

I want to loan a motorcycle.
What happens to a loan in the bank if i die before my obligation is fully paid?


Thankyou and Godbless!

[shadow]

WTF!? patay ka na wala ka na dapat isipin

[KERSMcRae]

WTF!? patay ka na wala ka na dapat isipin

tama..

at wala na dapat problemahin na obligasyon sa loan mo ang maiiwanan mo.. (just in case)..

[nohocker]

WTF!? patay ka na wala ka na dapat isipin

tama..

at wala na dapat problemahin na obligasyon sa loan mo ang maiiwanan mo.. (just in case)..

hahaha! So hndi na babayaran ng family ko yung loan sa bank? tpos fully paid na din yung motor? salamat po :D

[shadow]

^kung meron ka balak mag suicide, huwag na motor ang utangin mo. european luxury car na then pati bahay na rin...hehehe

[nohocker]

^kung meron ka balak mag suicide, huwag na motor ang utangin mo. european luxury car na then pati bahay na rin...hehehe

wala akong balak.haha! pero prone sa accident kasi yung motor dba. just in case lng nman. hehe

[shadow]

^huwag ka na mag motor, talagang ma accident ka, eh yun na agad ang iniisip mo eh. and besides pag namatay ka sa accident yun bayad sa motor ang huling iisipin ng pamilya mo.

[phezthie]

it depends!!!!!

technically, mortgage insurance is simply to protect the mortgagee in case something happens to the mortgagor...

however, there are many occasions that eventhough there's insurance taken on the life of the mortgagor by the mortgagee, the latter still demands full payment of the obligation from the heirs of the deceased mortgagor or from his estate... oftentimes, esp in Phil banking and insurance industry, this scenario happens when the mortgagee bank is also the owner of the insurance company that issued the policy, or somewhat related like having common owners or it is its subsidiary... in short, if the mortgagee bank has no plan in getting the proceeds of the insurance since its their own company or owner will pay it in reality, then they will just ignore the insurance policy and will continue to collect the balance of the obligation. if the heirs or the estate cannot pay, they will foreclose the chattel.


my thought.... a mortgage redemption insurance is being required by the mortgagee from their supposed accredited insurance companies just as additional income and not really to protect them in case of the mortgagor's death...

my advise ..... if the mortgagor will be the one to pay the insurance premium (in principle, its should be the mortgagee who will pay this), be sure that the insurance company from where the policy will be taken is not in any way related to the mortgagee bank.... my cents, regards to all