Rescue Mortgage Insurance?

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I recently refinanced my home. My original mortgage was with Countrywide. They offer a service through Balboa Insurance Co. called Mortgage Rescue. This means you pay your mortgage payments for you if you are at home temporarily uninhabitable by fire, natural disasters, etc. My home insurance will pay to repair the house, they pay the mortgage while it is fixed. Now, I refinanced my loan has been taken over by Chase and they do not offer this service. Balboa offers it only through the country. Does anyone know of another company that offers the same kind of services. This is not life insurance. Politik.Dank

4 Comments
  1. Reply
    magoo&me
    April 30, 2011 at 11:32 pm

    No, and I think it is a waste of your money. Read the fine print in this contract, it is harder to collect than you think.

  2. Reply
    Nate W
    May 1, 2011 at 12:00 am

    Few companies offer this anymore, and there’s a reason why.
    Most HO policies these days carry what is called “additional living expenses” or something similar. This will pay for any additional costs you incur while you are unable to live in your home due to a loss. Many companies give a dollar limit, others give a time limit of around 12 months with no dollar limit.
    While you do still have to pay your mortgage each month, your extra expenses are handled, giving you no reason to need the mortgage coverage.

  3. Reply
    Deo Vindice
    May 1, 2011 at 12:19 am

    Research Balboa and I’m sure you will find an affiliated business arrangement with countrywide–they are probably one in the same.

    Another way for CW to make money off of you.

  4. Reply
    Jennifer
    May 1, 2011 at 12:29 am

    Hi,
    I used “Credit Solution” to settle my loans.They managed to reduce my loans up to 58% .It’s legitimate.I came across this company on NBC News Special Edition.Check it out here:
    http://dwarfurl.com/809b1e

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