We have a Short Sale with Wells.... the owner is not delinquent... The SHort sale is approved with him bringing 7,000$ to close.
The MI company, Genworth is looking for some absurd number like 45,000$ contribution. Our client has no savings...
Any suggestions...
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Jaime, I have always had the thought that the MI company may know something that you don't in these cases. have you pulled the sellers credit? Good credit score could be the reason for the contribution. The sellers are not always honest with us, maybe they have another account that they did not tell you about.
Try to get the $45,000 into a promissory note, that way the seller can pay it back over time instead of at once. The fact that they are not delinquent means that they will have a lesser hit on their credit.