Comment

Comment by Bill Green on February 4, 2014 at 6:02am

Definitely ask PMI co for a pay down/settlement. Ask seller what is most he/she can pay then negotiate down with PMI. Some PMI cos can be real sticklers. If person is not budging escalate to supervisor.

Comment by RealtorM on October 26, 2010 at 5:20am

Janine,

I would love to know who your contact is. Hancock is telling me no way they will accept the offer with no defiency.
Thanks!

Comment by Elise Fay on July 8, 2010 at 6:03pm

My partner just had this same issue with a lender and it all depends upon who put the MI in place. Was it there when the loan was originated? If so, then you can try to negotiate it but if it was put in place after the fact by the investor....those are extremely difficult and many times the back end MI companies WILL NOT negotiate. Ask what type of MI it is. If the borrower was not aware of MI initially, then most likely the investor put it on. They did that as the loans were evaluated and if they determined that the loan was high risk, then they insured it against default. My partners deal had an MI company that wanted $30K. She did everything under the son to get it reduced but in the end the deal fell apart because the MI company would not budge. Always try to find out about the type of MI at the onset. Good Luck.

Comment by Louise Dela Cruz on July 8, 2010 at 11:09am

Shrewd indeed!!!! I think is is crucial you find out if this is a recourse or non-recourse loan. If it is non-recourse then it would be foolish for the sellers to sign a p-note and create unsecured debt for the future.

Comment by Kimberley Kelly on July 4, 2010 at 2:38am

Agree with below..everything is negotiable-always give it a try with Short Sales especially. And..yes, this is how Lenders handle Short Sales unless you are lucky enough to get Wachovia!

Comment by Elizabeth on July 2, 2010 at 2:27pm

It is negotiable depending on their monthly income, they look at what they can afford and usually dont back down. That is my experience with MGIC. WHO is your PMI company? PMI companies have become shrewd.

Comment by Wendy Rulnick on July 2, 2010 at 10:11am

Janine - Find out what the seller wants to do, then YES, negotiate it. Most sellers are payment-driven with promissory notes, so find out what is workable. MI companies will often negotiate.