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Dianne- When the market was tumbling the lenders started getting mortgage insurance on their notes. They do not have to tell the homeowner that they are getting it since the lender is paying for it. It happens a lot.
I don't understand why the seller won't sign the promissory note, there are SO Many benefits for him to do so.
How much does he owe in total?
Promissory notes are like renegotiating the note. If they release their claim on the note, give a satisfaction of mortgage and record that with the county- then the promissory note becomes the part that can be pursued instead of the original amount. THis is also a great way to rebuild credit. I don't get these sellers who refuse to accept great terms like paying off a debt that they own for less than 50 cents on the dollar.
We ALWAYS assume there is MI on the short sales and add $5000 to the HUD to pay MI.
I tell them the borrower won't sign. Never had a problem. Put zero on the worksheet. May have to upload an updated hardship specifically for the mi.
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