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My wife and I were starting out and bought a single wide, financed thru Vanderbilt in the 90's. In 2000, it was time to move up, as our future direction had been decided, and bought a 2000 model double wide.

Contract included: pay of existing mortgage, new home mortgage, balance on land (I paid $10,000 down on property with value of #18,500), set-up, septic, water, property insurance, mortgage insurance, etc. Total value of mortgage was just under $100.000.00.

Everything appeared to be above the board except for a few problems with their maintenance people stealing things. The theft problem was never fully resolved, but no more visits from the maintenance people at my physical and verbal instance.

Jump forward to 2010. My wife passed away after an extended illness. One of the places I contacted was Vanderbilt Mortgage. I was told that the mortgage insurance was automatically cancelled after 5 years. News to me.

I was never told that the mortgage insurance would expire, and thought that it was good for the life of the mortgage. Had I known, I would have replaced it. So much for that part of our financial planning. Lucky it was her that passed, as I still have my health and a job. She would have lost everything.

It appears that approximately $3,500.00 for the mortgage insurance to Vanderbilt and associates was a waste and a fraud.

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I'm sorry to hear about your wife. I think you're confusing Mortgage Insurance with Credit Life Insurance.

Mortgage insurance is insurance for the lender in case you default on your loan. It is required on most loans until you have 20% or more of your principle paid off. Credit Life is something the consumer has to purchase (normally banks to not offer this) The mortgage insurance premium goes down every year with the principle amount of your mortgage. Eventually it "goes away".

In your case, Mortgage Insurance wouldn't have helped you... Credit Life would have.

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