Replies to This Discussion

Permalink Reply by Jeff Payne on July 6, 2010 at 8:49am

Negotiate a promissory note and get the seller to sign it and get the deal closed. MGIC will give the seller easy terms over many years to pay it back. At the very least the seller goes from a secured mortgage to an unsecured loan for much less. If they really value their credit, they need to work with you on this and get it done.

Permalink Reply by Mark Montgomery on July 6, 2010 at 8:59am

I appreciate your reply! Thank you

Karen Key Smith said:

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...

Permalink Reply by Elizabeth on July 6, 2010 at 9:33am

Thanks, however they dont have 420.00 a month to give out, they are barely affording their primary residence and with this extra payment they would lose primary home or be forced to file bankruptcy because of extensive credit card debt. These people put down 80,000 cash down payment on this property and will never see that again and now the PMI expects to take more. I know it is just another story, but PMI needs to wise up and take the money they can from the current offer. THis property has declined 20,000 in value since offer was made in January 2010. Now if it goes to foreclosure they will lose significantly more than what is offered. The old saying a bird in the hand is much better,is how I see it. Your way sounds easy but unrealistic with some people are barely surviving, thus reason for short sale.

Permalink Reply by Jeff Payne on July 6, 2010 at 9:39am

How much is the deficiency? What terms of the promissory note? I just closed one with MGIC, the deficiency was about $170,000 and the note they asked for was $100 per month. My seller was an investor and this was an investment property. My guess is that the seller may not be telling you the entire story of their finances or MGIC would not be asking for them to contribute as much. Just a thought

Elizabeth said:

Thanks, however they dont have 420.00 a month to give out, they are barely affording their primary residence and with this extra payment they would lose primary home or be forced to file bankruptcy because of extensive credit card debt. These people put down 80,000 cash down payment on this property and will never see that again and now the PMI expects to take more. I know it is just another story, but PMI needs to wise up and take the money they can from the current offer. THis property has declined 20,000 in value since offer was made in January 2010. Now if it goes to foreclosure they will lose significantly more than what is offered. The old saying a bird in the hand is much better,is how I see it. Your way sounds easy but unrealistic with some people are barely surviving, thus reason for short sale.

Permalink Reply by Elizabeth on July 6, 2010 at 10:21am

Deficiency is about 70,000 from offer price, but after commissions and closing costs, repairs,etc about 95,000 deficient.. They told seller, because she called them up, you can afford it,you make a lot of money. A borrower that nets about 9,000 a month, but is still over on expenses because of primary mortgage so high. A Jumbo loan on primary of over 800,000 that can't be refinanced. I went over their monthly budget with a fine tooth comb this morning, trying to see what they saw and no way they can afford the 420.00 a month, and they told her it was nonnegotiable. I have blasted emails all over BAC today, Of course no replies, just you have been assigned a new negotiator. I thought to myself this unreal, I think I will email MGIC CEO and see what happens next. Seems like someone at the top should be aware of the stupidty at the ground level. Their unrealistic expectations are causing investors more write offs.

Permalink Reply by Julie Cendejas on March 9, 2011 at 12:05pm

Elizabeth - 

Just curious how this all shook out for you. I just learned the MGIC is the MI company on a property I have. BAC has approved the price we had an offer at - however MI killed it by asking for 17K in cash and promissory note my sellers don't have and can't afford. I noticed this was over 6 months ago - so thought I'd see if you ever got anywhere or have any advice???

 

Thanks

Julie

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