Lender MI on Short Sale
I just found out the lender has Mortgage Ins. on my short sale listing. This is a CalHFA loan. Will this kill the deal for the short sale? We are 8 months into waiting for approval when this information was finally revealed to the seller. Any info on MI like who to talk to, questions to ask, ratios, or pitfalls would really help. Thanks!
Replies to This Discussion
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Permalink Reply by Bryant Tutas on
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Marjorie. It shouldn't kill the deal. It just means the lender will have to get MI approval for the transaction. This is quite common in my area and I have yet to have it be a deal breaker. The lender should be able to tell you who the MI company is. I only contact MI if there is an issue getting the approval.
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Permalink Reply by Kathleen Lordbock on
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Just got SS approval from the MI- now off to Fannie Mae. Approval was in 2 weeks- fast!
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