The unexpected happens. We do everything in our power to make sure that we are able to handle the unexpected, but what about things outside of our control? Since the Boston real estate market, as well as the whole nation, has experienced a housing bust is mortgage life insurance the answer?

With the recent popularity of the Short Sale in the Boston real estate market it’s no wonder property values can quickly become like the wild wild west. The illogical market goes something like this…A distressed homeowner short sales a property because the mortgage is worth more than the house. Home buyers aren’t stupid though and realize that banks will settle for 80% of the FMV (Fair Market Value). This is because on many Boston area homes it costs banks at least 20% of the FMV to foreclose on a property (i.e. lawyer fees, upkeep fees, auction fees, etc…).