We have a 2nd of 67k, 1st with BB & T (approved with 7,500 cash from borrower ugg) and now Greentree is asking for 6,700 from the borrower PLUS a $15k promissory note to the MI company...to add insult to injury the approval letter specifically leaves open their right to pursue a deficiency judgement....
Any advise or direction? Has anyone obtained a letter including full release from GT on a 2nd where MI is involved and/or a promissory note is involved????
Any guidance is deeply appreciated,
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This was on a 2nd trust with MI right? Did they have to sign a promissory note? Did the approval letter offer a full release or leave it open???? Thanks so much for responding!!!
either cash, or a prom note should do it.
I would also STRONGLY suggest contacting the MI company directly and telling them NO DEAL.
REMEMBER THIS ALWAYS -
They are called "Negotiators" FOR A REASON!!!!!
Best of luck
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