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Do you know if they do deed in lieu of foreclosure will they have do sign note?. This sounds simpler, because seller has no cash and dosent want a note to sign. I have been on this case since January and then end result is this 15,000 cash upfront with payments. My goodness you would think the MI company would be flexible, because if I tell Seller to let it go to foreclosure. MI company gets zero dollars. Sometimes I wonder why things are so backwards.
So now I know why so many people just let the property go to foreclosure. MGIC is tough to deal with. I guess it comes down to how much the people value their credit. You would think BAC would have some negoitation with MGIC, if I was CEO of BAC I would never send any business to them. MGIC is ruining BAC reputation as a servicer because they stop the deal in the tracks. Most people dont know this side of it.
Greg,
Have you partaken of the magic fairy dust? BAC is the best? Do you work for them?
I have been working short sales for 2 years. My face fell off the chair when I saw your comment.
MGIC is not that bad when you compare them to RADIAN!!! Every MI co has a tresholds, guidelines which have to be met in order to receive an approval. If their loss is much more than the "rules" say , then they start to create a problems.;)
Elizabeth said:So now I know why so many people just let the property go to foreclosure. MGIC is tough to deal with. I guess it comes down to how much the people value their credit. You would think BAC would have some negoitation with MGIC, if I was CEO of BAC I would never send any business to them. MGIC is ruining BAC reputation as a servicer because they stop the deal in the tracks. Most people dont know this side of it.
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