Is there a connection between LBPS and the PMI companies I am not seeing? Why is LBPS specific PMI making such ridiculous demands?? ... some in excess of $40k cash contribution at close. I have never had this issue in the 6 years I have been doing SS. Only with LBPS... Why??
Tags:
:( I don't know. There are so many red flags with these guys! Is this an owner occupied property?
Yes. Owner Occ.
Just spoke with MI direct. They told me that the reason for the demand is that they "can demand if they want". Also said that the payout is about the same if the investor forecloses and files a claim vs. Negotiates a SS and files a claim.
Seems MI uses the FC to their advantage... by requesting cash/prom note before FC sale, they stand to recover something vs. nothing. The FC sale is used as leverage to recover/reduce their exposure.
This MI agent also said this: "If we lose, everybody loses."
Sounds like their motto to me.
I don't really know what the solution is, but LBPS is showing up on many of my new clients statements... Gotta find a workable solution.
AMY GERRISH said:
:( I don't know. There are so many red flags with these guys! Is this an owner occupied property?
© 2024 Created by Short Sale Superstars LLC. Powered by
Short Sale Superstars, LLC and www.ShortSaleSuperstars.com does not endorse the real estate agents, loan officers, attorneys, real estate brokers and other participants listed on this site. These real estate profiles, blogs, blog entries and forums are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a short sale. Short Sale Superstars, LLC takes no responsibility for the content on these pages that are written by the members of this community.