Digital Risk/Radian PMI--after short sale/Advise PLEASE!

Hello Everyone,

 

I am not an agent.  I did a short sale, which was concluded in June 2012.  It was with Wells Fargo and there was a PMI company (Radian).  They wanted a check at closing, which I provided.  I did receive a letter waiving deficiency judgement.  I had an attorney who helped me throughout ths SS process.  The property was in Florida.

 

Well, I received a call from Digital Risk, a 3rd party QA or forensics company who is working on behalf of the PMI company.  I am worried if they can come after me for any deficiencies?  As mentioned above, I did receive a deficiency waiver letter.  The SS was approved by the PMI company at the time of the sale, and I did have to come to the closing table with a large check to make the deal happen. 

 

I am just worried about any liability I would have at this point.  I have always received excellent support and advise here.  Please advise what you know about this company and if PMI company can come after me even though they did approve the SS, had me write a check at closing, and I believe the $$ went to the PMI company, and I do have the deficiency waiver letter.

 

Thank you to anyone who can answer me! 

Amanda -

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Their pitch to you is that they are reviewing the file to see if Wells did anything improper/illegal  when issuing the loan which would give them reason to deny their insurance pay out to Wells.  If this is true, you have no risk.  If they're really looking for fraud or deception on your part, you'd have to help them find information that you lied about your finances, for them to rescind your deficiency waiver.  My assumption is the first scenario is probably legitimate. Their questions should revolve around the issuance of the loan, not your short sale, and as long as you didn't lie for your initial loan acquisition, you should be fine.

hi Wayne,

 

Thank you for the feedback.  The caller did ask about my SS.  He kept asking me for the reason for the SS, and I told him to read my hardship letter.  We discussed what was on the letter a little bit.  He also asked me why I bought the property or rather, who had me buy the place--I said, I bought on the recommendation of the realtor I met in the area.  Also, he did disclose to me that although all the information I provided in the present match the previous loan information: salary, job title, etc. that 2 properites that I owned at the time did not show up on the loan application.  As this all happened 10 years ago, all I could say was, "I would never say I didn't own something as all the bank has to do is full credit and everything I own/owe would show up."

 

Do you think I am in danger of any liability?  I am so nervous.  This SS thing is the gift from hell that keeps on giving.

Amanda,

My experience is only from one client who got this call.  You might google/research them to see what they are looking for.  I believe they serve as sort of a claims adjuster for the PMI co. but I don't know on whose part they may be looking for wrong doing, yours or the lenders. 

If someone on this site can give a shout out to Scribner, he probably knows about this.

hi Wayne,

 

Did that client ever have to face any kinds of liabilities dealing with Digital Risk?  I just called my attorney's office and they said I don't have to talk to Digital Risk and to also let them know I have a defiency waiver letter so they can refer to that letter. 

 

Thank you,

Amanda

Nope, just the one phone call.  The client did answer their questions, similar to yours.

Of course, you don't have to talk to them.

Thank you Wayne.

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