Mortgage Insurer Calling the shots?
SS through Equator with BoA. We submit proposal. Bank comes back with cash contribution and prom note. We counter with small contribution and no prom note. Then, counter comes back from BoA saying that the Mortgage Insurer has approved the short sale but there must be a $28,500.00 prom note given to the Mortgage Insurer. The e-mail also said that I should not counteroffer because Mortgage Insurer has final say and it will not take anything less than $28,500.00. The e-mail also states that if a counteroffer is submitted the file will be closed.
Is it typical to give a promissory note to the Mortgage Insurer?
Replies to This Discussion
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Permalink Reply by DoesntMatter on
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heres my advice Joshua..
HAFA HAFA HAFA HAFA HAFA
No promissorys, cash contribution, deficiency.
YES the hassle with the extra time to qualify, but think of it this way. Your H/O is ALREADY in a hardship, and in a traditional you may be required to comply with these kind of terms. So H/O cant pay the mortage in over 6 months, now they have to come to closing with a 10K cash contribution?? Doesnt make sense..Your chances of a succsesful SS INCREASE with HAFA.
Yes there is creative negotiations you can attempt to get the MI or Investor to approve ( cutting commisions, increase the offer, buyer paying the cash contribution, etc) BUT... a lot of times the investor or MI will REQUIRE the contribution come from the H/O specifically to at least come to the table with some kind of cooperation with the SS.
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