Two mortgages and MI

All right..........maybe somebody will help. I have short sale with two mortgages ( Wells Fargo and BoA) and BoA is second mortgage and there is MI on this loan.  Wells Fargo is paying $1800 to second, but second's MI company wants $3000. My seller is willing to pay the difference, but Wells Fargo says- no. "If there is any extra money at closing it will be coming to us". We tried to pay the difference before closing but because it is MI that wants that amount, BoA will not accept it. I tried to contact MI company but they tell me I have to go through BoA. Any ideas?  

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Permalink Reply by Bryant Tutas on November 22, 2011 at 2:41pm

I would just place it on the HUD as a POC item on the seller side. Don't ask. Just do it. I have done this many times and it is rarely questioned. Or the buyer can pay it as an expense or POC item on their side of the HUD. It's not "extra money". It's an additional expense.

Permalink Reply by Anna Chroscicki on November 22, 2011 at 4:26pm

We tried it. In this one actually second said that there could be nothing like that on HUD( POC). And second says that on HUD they need to see $3000 coming to them and first is saying that second is not to receive more that $1800 ( and that is what we need to show on HUD). We also tried buyer and even giving up commission- nothing worked. The only thing that first suggested was to have this difference paid to second before closing, but second is not allowing us to do it. Do you think bank would agree to releasing lien on property and just have seller pay this whole loan amount as unsecured loan ? ( My seller is willing to do it....).

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