Triad Guaranty Insurance Corporation-Phone-800.451.4872 Fax-336.723.1001

* 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

Permalink Reply by Donna McClelland on August 1, 2012 at 6:23pm

Hi Stephanie,

I was working a short sale with Nationstar when they came back with a counter offer that the MI company wanted $8000 to release the lien.  I had somehow gotten lucky and found out earlier who the MI co was and wrote it down (Triad).  I researched SSS and voila, there's your posting.  So, I contacted the MI co directly and was able to get the contribution down to $1000 with a deficiency waiver!!  Triad was wonderful to work with.  They sent our "agreement" to Nationstar who immediately turned that into an approval letter.  It would have taken so much longer going through Nationstar and I'm sure they wouldn't have been able to fight for my homeowner like I was able to do, so your advice to go directly to the MI company was spot on.  Thank you!  I can always count on the smart, generous members of SSS to help out.  I hope I can return the favor someday.

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