* Mortgage through Indymac. PMI coverage 30% by Triad Guaranty.
* Indymac approval letter had a condition requiring a $5k note to Triad Guaranty to be signed by sellers. Indymac stated note to PMI company was non-negotiable.
* Seller refused to sign the note.
* We called Triad Guaranty directly. They asked for a generic authorization form to be sent in authorizing them to talk to us on behalf of the seller.
* Negotiated the note to NOTHING, Triad did not waive their right to seek a deficiency judgment.
* Triad notified Indymac that they were no longer requiring a note.

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Replies to This Discussion

Wow, Stephanie!! What a telling story! Excellent hint for future tough dealings with MI companies. How did you get Triad number, and how did you know it was Triad?
Because the PMI company was asking for a note, we were sent paperwork for the seller to sign that revealed who the PMI company was. After the seller said "no way" we didn't want to mess with Indymac since they had said it was not negotiable so we went around them. We called the main number and we were put in touch with a negotiator. Only took 3-4 hours from first contact to get an approval without the note. Then the negotiator at the PMI company contacted Indymac's negotiator directly and told her that the sale was to take place w/o the note.
That is kick-butt, good work.

Stephanie Lim said:
Because the PMI company was asking for a note, we were sent paperwork for the seller to sign that revealed who the PMI company was. After the seller said "no way" we didn't want to mess with Indymac since they had said it was not negotiable so we went around them. We called the main number and we were put in touch with a negotiator. Only took 3-4 hours from first contact to get an approval without the note. Then the negotiator at the PMI company contacted Indymac's negotiator directly and told her that the sale was to take place w/o the note.
Wendy Rulnick said:
That is kick-butt, good work.

Stephanie Lim said:
Because the PMI company was asking for a note, we were sent paperwork for the seller to sign that revealed who the PMI company was. After the seller said "no way" we didn't want to mess with Indymac since they had said it was not negotiable so we went around them. We called the main number and we were put in touch with a negotiator. Only took 3-4 hours from first contact to get an approval without the note. Then the negotiator at the PMI company contacted Indymac's negotiator directly and told her that the sale was to take place w/o the note.
I'm with Wendy - super diligence here!
Freakin' EXCELLENT! Was your negotiation strategy the same as "regular"? (IE. Facts, comps, numbers, etc)

Stephanie Lim said:
Because the PMI company was asking for a note, we were sent paperwork for the seller to sign that revealed who the PMI company was. After the seller said "no way" we didn't want to mess with Indymac since they had said it was not negotiable so we went around them. We called the main number and we were put in touch with a negotiator. Only took 3-4 hours from first contact to get an approval without the note. Then the negotiator at the PMI company contacted Indymac's negotiator directly and told her that the sale was to take place w/o the note.
Stephanie, I replied to your discussion here back in August and just recently I contacted Triad when BOA had indicated that the MI company wanted a $15,000 promissory note. I contacted Triad and was able to get the note reduced to $5000 and there really was no argument; I simply explained that the Sellers just couldn't afford the $15,000. The sad part was when I tried to negotiate a reduction with BOA they said that they were sorry but the MI company just wouldn't reduce the note and they understood my analysis yet just couldn't get them to reduce. Hmmm. Makes you wonder, did BOA even try, no I doubt it.

Whenever we receive an indication of a promissory note being demanded from MI, it's critical to contact the MI company directly to get a removal or reduction of note.
I'm so glad this is working for other people too! :-)
Does anyone know if Triad Guaranty sells their prom notes, and how long does it take them?

I have a BOA short sale where Triad came back with a $20K prom note. We countered to $3K and Triad accepted, but the monthly payment was more than my sellers could handle today. They offered $8.34 per month for 3 years instead of $125/month for 2 years. Triad responded that they could only extend to 24 months. Hence my question...

If they sell them right way, then my seller can expect to negotiate down with the collection agency that buys their note in a short period of time, for either a lesser monthly payment or a lower payoff amoount.

Your thougthts?
I currently have a short sale approval with a promissory note from triad. They want the sellers to pay $120,000.00 for 120 months at $1000.00 per month! I contacted Triad and explained that the sellers can not afford such a note; their financial situation does not permit it and it clearly shows on their credit report that they are over-extended and forcing them into a promissory note of such; would only further their hardship. The lender requested that I send the letter to them; however, I am sending the letter directly to Triad Management at [email protected] directly and hope that the note is waived. Wish me luck!
Dealing directly with them is what worked for me... GOOD LUCK!!!

thomasina singleton said:
I currently have a short sale approval with a promissory note from triad. They want the sellers to pay $120,000.00 for 120 months at $1000.00 per month! I contacted Triad and explained that the sellers can not afford such a note; their financial situation does not permit it and it clearly shows on their credit report that they are over-extended and forcing them into a promissory note of such; would only further their hardship. The lender requested that I send the letter to them; however, I am sending the letter directly to Triad Management at [email protected] directly and hope that the note is waived. Wish me luck!
Thanks! We are keeping our fingers crossed. Do they usually consider the borrower's financial? I mean, the reason for the short sale was because of loss of income. We proved that the borrower could not afford the property, why would the MI company expect them to pay a note?

Stephanie Lim said:
Dealing directly with them is what worked for me... GOOD LUCK!!!

thomasina singleton said:
I currently have a short sale approval with a promissory note from triad. They want the sellers to pay $120,000.00 for 120 months at $1000.00 per month! I contacted Triad and explained that the sellers can not afford such a note; their financial situation does not permit it and it clearly shows on their credit report that they are over-extended and forcing them into a promissory note of such; would only further their hardship. The lender requested that I send the letter to them; however, I am sending the letter directly to Triad Management at [email protected] directly and hope that the note is waived. Wish me luck!

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