Replies to This Discussion

Permalink Reply by James ferebee jr on October 26, 2012 at 7:31am

These are some of the questions you ask when opening your short sale along with getting a payoff of all mortgages, or HELOC's if apply to your client. Is it FHA VA Fannie Freddie etc, then you ask about PMI or mortgage insurance some call it different things.

You may have to ask more than once because some reps don't have a clue as to what you are talking about and if you know you have this animal this could add another 2 to 4 weeks into your approval as the lender will need to get PMI's approval before they can issue their approval and if you are lucky enough to find out who they are you can call them direct and negotiate with them so when BAC says we need to send to the PMI company to get their approval you can send it to them and say already done.... Been there and done that many times.

Permalink Reply by Joanne Hodge on October 26, 2012 at 9:40am

Thanks so much.  I've been told this is fightable -- as the seller is only bound if they paid for MI???  For example, most MI the seller would pay for on his statement is that which goes with his LTV.  In this case, it seems to be lender's portfolio insurance, which should have nothing to do with the sellers?  True? 

Permalink Reply by joe beauchamp on October 26, 2012 at 3:40pm

The investor has no requirement to do a short sale - they can come up with any "reason" to say no.

I do have one that the seller talked to the investor, the negotiator and the MI for an MI on the 2nd and nobody can find any documentation that says it exists - that was today. I can only hope that BofA will decide to move forward in light of phantom MI.