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Lender MI on Short Sale

Posted by Marjorie Blumenfeld on August 18, 2010 at 6:28am in Short Sale Discussions
I just found out the lender has Mortgage Ins. on my short sale listing. This is a CalHFA loan. Will this kill the deal for the short sale? We are 8 months into waiting for approval when this information was finally revealed to the seller. Any info on MI like who to talk to, questions to ask, ratios, or pitfalls would really help.  Thanks!

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Replies

  • Kathleen Lordbock August 22, 2010 at 6:57pm
    Just got SS approval from the MI- now off to Fannie Mae. Approval was in 2 weeks- fast!
  • Bryant Tutas August 18, 2010 at 7:31am
    Marjorie. It shouldn't kill the deal. It just means the lender will have to get MI approval for the transaction. This is quite common in my area and I have yet to have it be a deal breaker. The lender should be able to tell you who the MI company is. I only contact MI if there is an issue getting the approval.
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