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Citi Mortgage, now Chase ...

Posted by Nancy Campbell on May 4, 2011 at 3:35am in Short Sale Discussions

Citi Mortgage - Radian Insurance - the MI company now, Chase - Republic Insurance - the MI company, called the borrowers and questioned them on their short sale process. Asked them every question ... what was the hardship, what was the list price, (contract price if one), it shows you have this much money in your bank, you make this much ... etc ...

Anyone else borrower/seller go through this, its a first for me, for the MI company to call the borrower??

 

The Chase transaction was just approved and closes in 30 days  -  - - the Citi Mortgage transaction we just listed and sent in the pre-approval packet.

 

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Replies

  • Kimberley Kelly May 8, 2011 at 3:00am
    I'm with you Linda.  I think the MI companies are incredibly difficult to reason with and you do have to do it directly. 
  • Linda Susan Fox May 8, 2011 at 2:25am
    MI companies have to pay not matter if it is a foreclosue or short sale.  They are questioning the sellers to see how much they will ask the sellers to pay so they will approve the short sale.  No MI approval NO Short Sale.  MI companies see the sellers as criminals and want them to suffer even more.  Call the MI company and negotiate directly with them.  Normally your seller will have to give them a cash settlement or a promisary note with monthly payments.  They are the toughest as they have nothing to gain in a short sale transaction only real money to lose.  Leverage is how they play this game.
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