Second Home & PMI...
I have a short sale in Equator and GMAC is the lender. It is a second home and has PMI. My negotiator said he has to request the seller come to the closing table with $2,000 and that the PMI company may ask for much more than that and ask them to sign a promissory note. Can anyone shed some light on this? Thanks.
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I had the same sceniro with BOA on a second home with PMI and received full deficeincy waiver with $5,000 cash contribution.......
The PMI companies are tough to deal with. They have to pay a claim and want to recoup as much as they can. If you can get it done for $2000, you are doing great! Most likely you can settle with a promissory note
Thanks Frank & Jeff. Maybe this is a silly question... Can the buyer come up with some or all of the funds on behalf for the seller?? My clients are saying they have "no money..."
Diane,
I can't speak for GMAC or BOA but Indy Mac allowed the buyer to contribute some money, so I think it's possible.
It depends on the MI company. Sometimes they insist on the seller paying, since the seller owes the money... Ask.
Diane Rogers said:
Thanks Frank & Jeff. Maybe this is a silly question... Can the buyer come up with some or all of the funds on behalf for the seller?? My clients are saying they have "no money..."
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