flat out "NO" from MI
I've havent had a short sale where the MI (Triad) flat out says no. No conversation about a note or contribution. I had the seller call Triad to find out what happened and her assigned rep told her he felt they had enough money to pay. I dont see that myself. Is there anyway to escalate this issue? My seller was prepared to sign a note.
Replies to This Discussion
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Permalink Reply by joe beauchamp on
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Some MI's are broke and just say no because it postpones their consequences. Maybe you can get some action by contacting the OCC. This is ultimately the investor/servicer telling you no. Maybe you can pressure them. An MI's legal position is pretty dubious to me. The bank paid them with the seller's money to protect the bank against the seller and now the MI is screwing over the seller after being paid by him. Does that sound ethical? Not to me..
Anyway, the MI is a wildcard - many are decent and then there are the others.
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