Has anyone had any luck when MI company that is MGIC is involved in process for approval.  I just spoke with MGIC and they are adament that borrower-seller bring money to close this short sale. They dont have the money to give otherwise they wouldnt be doing short sale.  The sellers value their credit, so has anyone had luck in handing over Deed in lieu of foreclosure with BAC.   MGIC told me they still would want money if they do that.  I cant believe that MGIC makes the final decision. Something seems  not right here. DOES BAC have any power in decision.. I find that hard to believe, or is MGIC just playing hardball.  ANy response would be appreciated

Views: 436

Replies to This Discussion

MGIC is the first one to make any decision. Convince seller to signe a NOTE. That's it.
If there is a secondary party then a deed in lieu is almost impossible. Can't give one property to two or more parties. The note idea may be your only choice.
yep, Title has to be free and claer, and RE taxes paid.

Steele V. Propp said:
If there is a secondary party then a deed in lieu is almost impossible. Can't give one property to two or more parties. The note idea may be your only choice.
Secondary party is same as 1st mortgage as far as what I ve seen from paperwork and what BAC told me. Both back by Fannie Mae and MGIC insured
Title free and clear and RE taxes current. So maybe will work. Waiting to hear from Senior Negoitator, whatever gimmick that is, see what options they have when seller has no money to bring to closing.
Elizabeth,
The MI company has actually been the thing that has tripped me up everytime. I had the same thing happen and they would not budge. I wish I had an answer so that the next time it happens to me. B of A told me that their hands were tied and they had to do what the MI company wanted. We were just off by a few thousand dollars and so they foreclosed and sold it for less.
I am going to stay tuned to see if anyone has a solution for this!!!
Keep on keeping on!!
Question for all of you concerning this!!!
I have called B of A for a deed in Lieu for one of my customers and they have a 1st and a 2nd BOTH with B of A.
I have been talking to B of A and they say they are considering the deed in LIeu however the right hand may not know what the left hand is doing .... heck the right hand may not know what the right fingers are doing.

So if any of you wise people know this let me know.
karunnning
>You would think they would rather do a deed in lieu than foreclose if a short sale cant be worked out, less expenses for BAC as the servicer. MI company would net more that way by putting it for sale later, rather than it go off at auction for cheap.
Sometimes what seems practical they dont do. I will not give up. I will give them one more week, after that I will take it to the news media and expose MGIC. MGIC deserves no business, with their lack of flexiblity. This is something that needs to be exposed. BAC may not be that bad to deal with,but BAC hands are tied as the servicer. MGIC shrewdness is pulling down BAC, the government needs to give MGIC money for the losses, the heck with FANNIE and FReddie, they are paid in full by MGIC. Typical government just doesnt get it, but they might be soon, as the demise of FAnnie and freddie is in the works by Timothy Geinther.
First time I will try this strategy too, I will let you know if it works well. MGIC told me it would still cost borrower money, because it was a investment property.
For those of you wishing to pursue Media outlets and Political venues in which to address your complaints, there is a regular email service from a broker Team in Fl that provides some very interesting FREE info, such as links to ALL the fax numbers for your congressional representative's offices, a BOA blog, etc. Ben and Chris Curry--No, I don't know them or will I benefit from promoting their info. They sell some courses etc, but the info they provide is awesome almost on a every other day basis. Contact them to get on their email list. If you perform Short Sales to any degree, especially with BOA, then this would really benefit you. Ben Curry [[email protected]]. We need to stay on top of these corporations that are eating away at the humanity of individuals experiencing financial difficulties.

And, for anyone placing the blame of the collapse of any organization on ONE individual, you might want to question the direction of your frustration, as well as the validity of the information that is molding your perceptions, as the root of all this is capitalism. While capitalism has been the best system for economic prosperity, it is inherently strewn with flaws that are incapable of being corrected at this point, only patched. We need to all reassess how our societies and cultures should interact with one another, and why we associate success with the 'appearance' of financial security. Yes, I am an idealist but I am part of a small yet innovative part of society that foresees the collapse of capitalism. Not from a perspective of being 'mandated' but instead from the realization that capitalism is a philosophy in staunch opposition to the actual evolution of mankind; however, ironically, capitalism has been the catalyst for the innovations that will allow us to surpass the archaic ideologies of itself, and has also allowed us the ability to pursue the intricacies of biology that is going to push the boundaries of human intelligence to such a degree as to develop a depth of self awareness that will make capitalism as detestable as dictatorships. . Wow!, this is probably not the most appropriate website to be expressing these statements but...
Mark I actually love all that you shared!!!!!! I am a hippie chick Realtor so I thank you for expressing yourself.
karen

Mark Montgomery said:
For those of you wishing to pursue Media outlets and Political venues in which to address your complaints, there is a regular email service from a broker Team in Fl that provides some very interesting FREE info, such as links to ALL the fax numbers for your congressional representative's offices, a BOA blog, etc. Ben and Chris Curry--No, I don't know them or will I benefit from promoting their info. They sell some courses etc, but the info they provide is awesome almost on a every other day basis. Contact them to get on their email list. If you perform Short Sales to any degree, especially with BOA, then this would really benefit you. Ben Curry [[email protected]]. We need to stay on top of these corporations that are eating away at the humanity of individuals experiencing financial difficulties.

And, for anyone placing the blame of the collapse of any organization on ONE individual, you might want to question the direction of your frustration, as well as the validity of the information that is molding your perceptions, as the root of all this is capitalism. While capitalism has been the best system for economic prosperity, it is inherently strewn with flaws that are incapable of being corrected at this point, only patched. We need to all reassess how our societies and cultures should interact with one another, and why we associate success with the 'appearance' of financial security. Yes, I am an idealist but I am part of a small yet innovative part of society that foresees the collapse of capitalism. Not from a perspective of being 'mandated' but instead from the realization that capitalism is a philosophy in staunch opposition to the actual evolution of mankind; however, ironically, capitalism has been the catalyst for the innovations that will allow us to surpass the archaic ideologies of itself, and has also allowed us the ability to pursue the intricacies of biology that is going to push the boundaries of human intelligence to such a degree as to develop a depth of self awareness that will make capitalism as detestable as dictatorships. . Wow!, this is probably not the most appropriate website to be expressing these statements but...
MI companies have the power. The banks want to make sure that they get maximum reimbursement by the MI companies, so they MI companies call the shots. Banks do not have leverage over MI companies.

RSS

Members

© 2024   Created by Brett Goldsmith.   Powered by

Badges  |  Report an Issue  |  Terms of Service

********************************** like buttons ************************