mortgage insurance and short sales

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mortgage insurance and short sales

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One Question – One Answer (by Yahoo)

Jessica Kreider asked Can a private mortgage insurance company ask for a payoff in a short sale?

We are trying to buy a property through a short sale. We accepted the bank's counter, and the file was submitted to the seller's PMI company. The negotiator came back and said that the insurance company verbally stated they want $5,000 cash. The seller can't cover this, so the agent is asking that we pay it. Can they even ask this? If we say no, the seller obviously can't pay it. Will the insurance company most likely just foreclose the property, or can this amount be negotiated. Advice?

And got the following answer:

Yes a PMI can kill a short sale. hence why the majority of short sales fail to many parties need to agree to the deal A short sale unlike an official juridical foreclosure is basically an agreed to contract for all parties invoked on the seller's side to take less and for the PMI to pay off, in a short sale the PMI is under no obligation to agree to PMI paying off on the insurance policy thus killing the deal where in official foreclosure the PMI is legally bound to pay off on the insurance

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Hot Tips and Tricks on “mortgage insurance and short sales”

Home Buying Can Be Made Easy With These Tips

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This approval letter can be a very beneficial component in the buying process. Waiting for approval can cost more and will stretch out the process of buying the property.

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RE/MAX and HEART Financial Services partner on new short-sale program.(Briefing Book): An article from: Mortgage Banking

This digital document is an article from Mortgage Banking, published by Mortgage Bankers Association of America on November 1, 2009. The length of the article is 500 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available immediately after purchase. You can view it with any web browser.

Citation Details
Title: RE/MAX and HEART Financial Services partner on new short-sale program.(Briefing Book)
Author: Unavailable
Publication: Mortgage Banking (Magazine/Journal)
Date: November 1, 2009
Publisher: Mortgage Bankers Association of America
Volume: 70 Issue: 2 Page: 16(2)

Distributed by Gale, a part of Cengage Learning

Buy Now!
Price: $9.95

Credit 911: Secrets and Strategies to Saving Your Financial Life

  • ISBN13: 9780470587614
  • Condition: New
  • Notes: BRAND NEW FROM PUBLISHER! 100% Satisfaction Guarantee. Tracking provided on most orders. Buy with Confidence! Millions of books sold!

A comprehensive guide to reclaiming your financial life

After the dramatic mortgage crisis and stock market collapse, people are beginning to recognize that the only way to secure their financial future is to take charge of their own spending and saving habits. You can survive this crisis, solve your credit problems, and move on to achieve your dreams, and Credit 911 can show you how.

With this book, author Rodney Anderson-a mortgage banker with over twenty years experience reviewing real-life credit cases-shares his intricate understanding of what it takes to improve your credit score and financial standing.

  • Outlines a practical approach to solving debt and credit problems, as pertaining to marriage, divorce, collections, borrowing, co-signing as well as overcoming foreclosures, short sales, and bankruptcies
  • Shows you how to re-establish your credit and what lenders look for
  • Reveals the tricks of credit card companies and how to set up a system to monitor accounts, track payments, comparatively shop for credit cards, avoid credit chasing, and maintain overall capacity
  • Discusses how to pick the right realtor as well as the right lender, how to secure a mortgage, and to avoid overspending on insurance

We live in a credit economy. Our lives are governed by credit. Credit 911 provides you with a solid understanding of how this system works and offers timely tips on taking control of your financial destiny.

Buy Now!
Price: $6.50

The year of the short sale: a new sub-industry opens for business to help mortgage servicers overcome short-sale obstacles.(Cover Report: Default Servicing): An article from: Mortgage Banking

This digital document is an article from Mortgage Banking, published by Mortgage Bankers Association of America on August 1, 2010. The length of the article is 2518 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available immediately after purchase. You can view it with any web browser.

Citation Details
Title: The year of the short sale: a new sub-industry opens for business to help mortgage servicers overcome short-sale obstacles.(Cover Report: Default Servicing)
Author: Warren Lutz
Publication: Mortgage Banking (Magazine/Journal)
Date: August 1, 2010
Publisher: Mortgage Bankers Association of America
Volume: 70 Issue: 11 Page: 44(5)

Distributed by Gale, a part of Cengage Learning

Buy Now!
Price: $9.95

ServiceLink producing faster short-sale turnaround.(TechNews): An article from: Mortgage Banking

This digital document is an article from Mortgage Banking, published by Mortgage Bankers Association of America on October 1, 2010. The length of the article is 380 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available immediately after purchase. You can view it with any web browser.

Citation Details
Title: ServiceLink producing faster short-sale turnaround.(TechNews)
Author: Unavailable
Publication: Mortgage Banking (Magazine/Journal)
Date: October 1, 2010
Publisher: Mortgage Bankers Association of America
Volume: 71 Issue: 1 Page: 143(1)

Distributed by Gale, a part of Cengage Learning

Buy Now!
Price: $9.95

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Frequently Asked Questions

Sir Lucius asked Am I being extorted by my private mortgage insurance company?

I literally have no money and negotiated a short sale with my bank for $175K on a $275K mortgage. The PMI had to approve the short sale, and the loss mitigation officer at the PMI refuses to approve the short sale unless I sign a promissary note for $77K. He said he will recommend foreclosure to the bank if I do not participate in a promissary note with them. I have all of this in writing (e-mail). What can I do?

And got the following answer:

No it's not extortion. They're making you a counteroffer. If you want to sell it for $175k then you owe them $77k. You can't just get a mortgage for $275k and think the other $100k will be forgiven.

NQC asked Can mortgage lender come after life insurance compensation if I try to short sale my house or let it go?

Husband died in 2007. I received life insurance money but am trying to not use it up to make sure I have enough money to raise my kids. I am behind on mortgage payments and will short sale or lose house. Can the bank come after that money? I live in CA.

And got the following answer:

Only some states allow a lender to recover their losses on a mortgage. Consult an attorney.

sam asked Will my bank agree to a short sale of my house ?

I heard my bank(mortgage lender) will not be agree to a short sale of my house when there is a Private mortgage insurance policy on my mortgage loan. Is this true?

And got the following answer:

Call the lender and find out, in their decision is going to be how much of a discount are you looking for on the short sale, also if you have savings they may not approve it either

(Questions and answers originally from Yahoo Answers)

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