Has anyone had any luck when MI company that is MGIC is involved in process for approval. I just spoke with MGIC and they are adament that borrower-seller bring money to close this short sale. They dont have the money to give otherwise they wouldnt be doing short sale. The sellers value their credit, so has anyone had luck in handing over Deed in lieu of foreclosure with BAC. MGIC told me they still would want money if they do that. I cant believe that MGIC makes the final decision. Something seems not right here. DOES BAC have any power in decision.. I find that hard to believe, or is MGIC just playing hardball. ANy response would be appreciated
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Mark I actually love all that you shared!!!!!! I am a hippie chick Realtor so I thank you for expressing yourself.
karen
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And, for anyone placing the blame of the collapse of any organization on ONE individual, you might want to question the direction of your frustration, as well as the validity of the information that is molding your perceptions, as the root of all this is capitalism. While capitalism has been the best system for economic prosperity, it is inherently strewn with flaws that are incapable of being corrected at this point, only patched. We need to all reassess how our societies and cultures should interact with one another, and why we associate success with the 'appearance' of financial security. Yes, I am an idealist but I am part of a small yet innovative part of society that foresees the collapse of capitalism. Not from a perspective of being 'mandated' but instead from the realization that capitalism is a philosophy in staunch opposition to the actual evolution of mankind; however, ironically, capitalism has been the catalyst for the innovations that will allow us to surpass the archaic ideologies of itself, and has also allowed us the ability to pursue the intricacies of biology that is going to push the boundaries of human intelligence to such a degree as to develop a depth of self awareness that will make capitalism as detestable as dictatorships. . Wow!, this is probably not the most appropriate website to be expressing these statements but...
Thanks, however they dont have 420.00 a month to give out, they are barely affording their primary residence and with this extra payment they would lose primary home or be forced to file bankruptcy because of extensive credit card debt. These people put down 80,000 cash down payment on this property and will never see that again and now the PMI expects to take more. I know it is just another story, but PMI needs to wise up and take the money they can from the current offer. THis property has declined 20,000 in value since offer was made in January 2010. Now if it goes to foreclosure they will lose significantly more than what is offered. The old saying a bird in the hand is much better,is how I see it. Your way sounds easy but unrealistic with some people are barely surviving, thus reason for short sale.
Elizabeth -
Just curious how this all shook out for you. I just learned the MGIC is the MI company on a property I have. BAC has approved the price we had an offer at - however MI killed it by asking for 17K in cash and promissory note my sellers don't have and can't afford. I noticed this was over 6 months ago - so thought I'd see if you ever got anywhere or have any advice???
Thanks
Julie
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