Replies to This Discussion

Permalink Reply by Bryant Tutas on October 1, 2012 at 11:42am

The MI Company and the 2nd mtg will both have to agree to the terms of the short sale. It doesn't mean it will kill the deal but it may make it more complicated.

• ▶ Reply

Permalink Reply by Short Sale Superstars LLC on October 1, 2012 at 4:55pm

Chris,

     Mortgage insurance can many times make a short sale more complicated as they tend to want more funds than a mortgage lien without mortgage insurance. If a 2nd lien wants a much larger release than the 1st is willing to give it is often a huge red flag and can potentially end up killing the deal. We often go above the servicer and straight to the MI company if possible and plead our case to them if we feel the servicer is being too "unreasonable" and that the deal is going to die due to their noncooperation.

 Brett@ishortsalenow.com

(310)564-6389

• ▶ Reply

Permalink Reply by chris on October 2, 2012 at 1:57am

Sorry this is like french to me. My current loans are from an 80/20 mortgage. Owe 220k on first and 55k on second. MI is only on the second. Both are thru B of A. First mortgage is approved and apparantly the second accepted a $6k buyout, but still needs to have the MI company approve as well. According the my arrourny this is the last approval we need. I don't understand why the MI company would hold up the deal if they are only involved on the second.  

• ▶ Reply

Permalink Reply by chris on October 2, 2012 at 4:29am

I honestly don't know anything about it. Just that my attourny told me that is why there are delays in the apporval on the 2nd. I literally just found out that I had morgage insurance on the second loan. I never paid anything to it and it wasn't listed on my origional mortgage. So you could be right it sounds like LPMI.  

• ▶ Reply

Permalink Reply by chris on October 2, 2012 at 8:31am

Any thoughts on what the MI company could be looking for?. The second loan is owed $55k. Could they be looking for a % of that? or could they decline all together?

• ▶ Reply

Permalink Reply by chris on October 3, 2012 at 1:52am

So even with the HAFA approved they could ask me to cover that amount ~35% of 55k or ~$19,000

• ▶ Reply

Permalink Reply by chris on October 4, 2012 at 2:08am

Good news...I got a verbal short sale approval for the Bank Of America's negotiatior yesterday. He said I will have the approval letter with in 7-14 days. Looks like the MI company agreed in full with no contribution from me. According to my attourny next hurdle is passing home inspection and appraisal then should be sent to close once buyers have their loan set up. Does that sound like the correct time line?    

• ▶ Reply

Permalink Reply by chris on October 16, 2012 at 7:27am

Just found out my Short sale approval is not actually approved yet. This is the Note I got from the Bof A negotiator yesterday.  "Chris, I needed to make a correction to the Equator offer worksheet. Two numbers in the total fees for the RE taxes were transposed. I made the correction and just need you to agree to the offer to send back to me. I will then forward the file back to review for offer approval" Should I be concerned with this?

• ▶ Reply