Help!! Mortgage Insurance, how long?

How long does it take these companies to pay your monthly mortgage. Hubby is unemployed since 29th April and jobcentre/mortgage company is dragging their heels with paperwork regarding paying out for our mortgage. Im terrified, we dont get compensated in time as we dont have money for next months mortgage.





can anyone advise?Help!! Mortgage Insurance, how long?
Suggest you chase them up, you might find one is waiting for the other. Ring the mortgage company up, ask whats the hold up, if the are are waiting for form xyz from job centre ring them up get copy and send if necessary.





You might also want to read the small print of the mortgage protection....it might only last 12 months...Help!! Mortgage Insurance, how long?
Most policies won't pay anything until you have been out of work for a continuous 30 days - you would need to check the wording, though it will usually then pay in arrears - ie after 30 days it will pay one month's benefit.





But it is probably worth checking with the insurance company that they have received the paperwork they need. Usually this will be an ABI1 form from the Jobcentre. And you will need to send an ABI1 form each month that the unemployment continues in order to get each months benefit.
PMI (private mortgage insurance) only pays for a foreclosure deficiency (not monthly mortgage).





If have some other credit life or disability insurance on your mortgage what does the policy say it covers in case of unemployment? You would probably have to pay that back when he gets another job.





Otherwise it may be a matter of working out a deal with your lender, which they might not do until you are in default.





But the way you spell ';centre'; makes me wonder what country you are in?
It sounds like your mortgage insurance was arranged by your mortgage company (i.e. the same firm who have loaned you the money)? If this is the case write to them and point out that you cannot pay your mortgage unless the claim is sorted. Keep a copy of your letter. The Citizens Advice Bureau will give you free advice but in general mortgage companies don't want their borrowers being in difficulty so keep talking to them.