I am selling my home by short sales. Am approved for HAFA program and Offer from my buyer is $12k above what Bank of america was asking. Now i'm told that I have MI on my second mortgage on the house could that kill the short sale?
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Chris,
Mortgage insurance can many times make a short sale more complicated as they tend to want more funds than a mortgage lien without mortgage insurance. If a 2nd lien wants a much larger release than the 1st is willing to give it is often a huge red flag and can potentially end up killing the deal. We often go above the servicer and straight to the MI company if possible and plead our case to them if we feel the servicer is being too "unreasonable" and that the deal is going to die due to their noncooperation.
Brett@ishortsalenow.com
(310)564-6389
Sorry this is like french to me. My current loans are from an 80/20 mortgage. Owe 220k on first and 55k on second. MI is only on the second. Both are thru B of A. First mortgage is approved and apparantly the second accepted a $6k buyout, but still needs to have the MI company approve as well. According the my arrourny this is the last approval we need. I don't understand why the MI company would hold up the deal if they are only involved on the second.
The MI Company and the 2nd mtg will both have to agree to the terms of the short sale. It doesn't mean it will kill the deal but it may make it more complicated.