Recently Closed a Loan With MI
I have just closed on a shortsale that had MI. It was not a BofA loan. I spoke with the MI company and they said that they wanted the seller to sign a promissory note for 20K, no interest, amortized over 20 years. I went back to the negotiator and told her that the sellers condition had worsened over the 6 months and they could not possibly pay this. She requested updated financials. I sent them in along with a counter offer of 10K. After reviewing these new financials they waived MI completely. Needless to say I was shocked. Has your sellers financial situation deteriorated since you initiated the shortsale? If so, you may want to talk to your negotiator and resubmit the new information. In answer to your question, it appears that you can negotiate with MI companies. Janine Donelon
Replies to This Discussion
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Permalink Reply by carol diaz on
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I just end a negotiation with the INVESTOR. They were also requesting a Cash Contribution after sending the financial docs updated, they agreed that the Borrower was in a worse position than when we started. That was 2 weeks ago. That's when they requested a closing date. Until today when I got the message from BOA :( I will try to counteroffer. The Borrower does not have the certi. # for his MI. So I will try with BOA Negotiator. Thanks again for your feedback!!! I do appreciate it!
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Permalink Reply by Kent Dills on
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Janine, which MI company was this with and do you know what the coverage ratio was on the mortgage insurance! Kent
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Permalink Reply by Janine Donelon on
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It was with Genworth Mortgage Ins. Corp. The deficiency was $113,000. Other than that I have no other information.
Kent Dills said:Janine, which MI company was this with and do you know what the coverage ratio was on the mortgage insurance! Kent -
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