Can any one give words of wisdom about negotiating when a MI company coldly declines a short sale.  We got approval from BofA with terms close date etc and then the negotiator said the MI company needs to see it.  So we got investor approval and a week later a MI company decline letter (form letter) that said declined and denied to (insufficient offer, not willing to sign a deficiency agreement or contributing to the loss). Helllloooooo noone came back with anything!!


No help after escalating and we finally just reinput the offer with a higher net. 


Duh why would they not at least counter?  The customer service dept and negotiator said this is rare.


I cannot find any information about negotiating or what I should be asking other than bugging them to give us something!!  This is a nonrecourse loan that was 90% at it origination. 


Please anyone out there that can help me?  Thanks so much. Active Rain referred me to you all!


Melanie Ross

Coldwell Banker Solano Pacific

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I just received my 3rd MI denial. This was Radian. Actually, they didn't deny...they wanted the seller, who has no money, to sign a $50,000 note. I had another one with PMI who wanted a $72,000 note...and the seller was dying. I believe there is a MI group within this website. Maybe someone there has had luck negotiating with the MI company that your client has. Good Luck!!
I just got the same letter with the same reason (insufficient offer, not willing to sign a deficiency agreement or contributing to the loss) but B of A never asked the sellers to sign a promissory note and the MI company won't tell us what purchase price they will accept! It's so frustrating. The negotiator in Equator already closed the file. I sent the buyer's agent an email to see if they'd be willing to increase their offer but the file was closed before I could even get a response from her.
I have a short sale that BAC approved in April and MI wanted another $10k. That buyer walked. Next buyer in, the MI equation didn't even surface it's head.

You can read many tales of denials, then approvals. Short sales are only for people who can shake their head and move on to the next listing, next buyer, next offer - with the "can you believe this stuff?"



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