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MI cash contributions

Posted by Kenneth Skidmore on August 19, 2010 at 6:29am in Short Sale Discussions
Why would an MI company insist on the cash contribution to come from the seller,as apposed to the buyer? or would they?   Just trying to educate myself a little on the inner workings of these post purchase MI cases.  If you have had any experience or just some insight please advise!

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Replies

  • Wendy Rulnick August 23, 2010 at 1:24pm
    Kenneth - The MI company would ask from the seller, as he incurred the debt, not the buyer. In the end, most would take whoever paid it, though.
  • Paola Martinsen August 20, 2010 at 11:24am
    Just escalate to the negotiators manager because if tis about getting the deal done where it comes form shouldn't be an issue. If the bank is still saying no find out MI contact info and escalate through them. I bet you wont have to go that far, once you contact a manager they will "make and exception"
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