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Has anyone had issues with PMI?

Posted by Travis Bryant on March 10, 2010 at 8:58am in Short Sale Discussions
I'm working a short sale through Wells Fargo, and the bank has approved the amount after sending in all docs.  Problem is, my client's PMI company will not accept the offer and sign off, so the short sale has been rejected.  She has a hardship which will cause her to be late in the future (she is presently current) and wants to be proactive with her situation.  Has anyone had issues with PMI companies rejecting offers, and what advice/suggestions do you have for me?  Thanks in advance.

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Replies

  • Anna Boyd December 7, 2010 at 4:06am
    Hi Christine, Wondering how this all turned out. I hear from agents that are successful having PMI sign off with no $ if seller has no $ and then I see many posts where they are requesting many thousands or they won't sign off on the short sale. I'd be interested in your experience on this.

    Christine Donovan said:
    I am going through this right now. The PMI company is requesting a promissory note or cash payment to accept the short sale. This is purchase money in California which means it's non recourse. It would make more sense requesting this if it wasn't non-recourse. We'll see how it comes out.
  • Christine Donovan March 16, 2010 at 5:52pm
    I am going through this right now. The PMI company is requesting a promissory note or cash payment to accept the short sale. This is purchase money in California which means it's non recourse. It would make more sense requesting this if it wasn't non-recourse. We'll see how it comes out.
  • Rita Legan CDPE (440) 227-4461 March 14, 2010 at 2:17pm
    Same here
    My seller signed an unsecured note for 20K, 30 years for $100. dollars per month with no interest.
    She let me know she paid for 3 months then found a consumer credit card negociation company, who charged her $2000. to get payment in full with $2000. towards the unsecured note. She told me the lender said they would rather have the $2000.K now then hazard the risk with the unsecured note. This is what she (SS Seller) told me 4 months after closing.
  • Laura Marshall March 10, 2010 at 3:51pm
    I have! I have had 3 short sales with PMI. 2 were insured by PMI and the latest was insured by Radian. They all required that the seller sign a note at 0%...totaling between $50,000-$70,000. My latest was with Wells Fargo, Radian, $50,000 note. The seller can't afford it, so we are trying to appeal to Radian.
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