HELP PLEASE.... MI Company

I have a short sale, only 1 mortgage w/ Banco Popular that it turned out to be negotiated by PHH (Cartus). The negotiatior asked me to change the closing date in the HUD to August 19th. She would have to send to MI company and investor for approval. Since she wanted to close on August 19th, I was under the impression that everything was fine. Now the MI company asked seller to pay $12,000 cash or $24,000 with Promissory Notes of $125. My client can't do this and they are saying they are willing to work with sellers but are not willing to do so withouth seller's participation. Any suggestion?

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Permalink Reply by Bryant Tutas on August 2, 2011 at 10:42am

Maria. The sellers will more than likely have to participate in some fashion. Just like negotiating a contract. The MI has made an offer. The seller can accept, reject or counter offer. The sellers need to decide what they can do and then make a counter offer. Negotiate.

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