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Permalink Reply by Laura Marshall on March 10, 2010 at 3:51pm

I have! I have had 3 short sales with PMI. 2 were insured by PMI and the latest was insured by Radian. They all required that the seller sign a note at 0%...totaling between $50,000-$70,000. My latest was with Wells Fargo, Radian, $50,000 note. The seller can't afford it, so we are trying to appeal to Radian.

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Permalink Reply by Rita Legan CDPE (440) 227-4461 on March 14, 2010 at 2:17pm

Same here
My seller signed an unsecured note for 20K, 30 years for $100. dollars per month with no interest.
She let me know she paid for 3 months then found a consumer credit card negociation company, who charged her $2000. to get payment in full with $2000. towards the unsecured note. She told me the lender said they would rather have the $2000.K now then hazard the risk with the unsecured note. This is what she (SS Seller) told me 4 months after closing.

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Permalink Reply by Christine Donovan on March 16, 2010 at 5:52pm

I am going through this right now. The PMI company is requesting a promissory note or cash payment to accept the short sale. This is purchase money in California which means it's non recourse. It would make more sense requesting this if it wasn't non-recourse. We'll see how it comes out.

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Permalink Reply by Anna Boyd on December 7, 2010 at 4:06am

Hi Christine, Wondering how this all turned out. I hear from agents that are successful having PMI sign off with no $ if seller has no $ and then I see many posts where they are requesting many thousands or they won't sign off on the short sale. I'd be interested in your experience on this.

Christine Donovan said:

I am going through this right now. The PMI company is requesting a promissory note or cash payment to accept the short sale. This is purchase money in California which means it's non recourse. It would make more sense requesting this if it wasn't non-recourse. We'll see how it comes out.

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