Short Sale declined by Mortgage Ins co

Short sale with GMAC was expected to be approved after multiple counters and received notice today that it was declined by the Mortgage Insurance provider due to the Seller's financials. Is there anyway to turn this around?

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Permalink Reply by Michael Hayley on December 15, 2011 at 12:58am

I assume it was declined because seller's financials were too good? Suggest you offer a note payable, 15 years, 0 interest at a principal balance that is a reasonable percentage of the MI-co's loss.

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