Real Estate Broker for RealtyWrks.com Located in Temecula Calif. 92590 Short Sale Specialist www.aShortSale.com Free help for the D.O.D HAP program & US Treasury Dept HAFA program
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The short sale and PMI,not a good combo.
I have nearly a 100% success rate on getting short sales approved for my clients,but I have hit a wall on my latest short sale and today I found out why. It’s called PMI,short for Private Mortgage Insurance.
Many sellers don’t even know what it is or if they even have PMI on their home loans.
During this short sale process PMI reared it’s ugly head at the tail end of negotiations.Things were going along just fine,waiting for final approval and the negotiator gets back to me with a demand for seller to take a note or worse a cash contribution.All because PMI is involved.
I document to the lender the advantage of the short sale,but their hands are tied.The PMI company has the final say and as this home was an investment/rental property I can’t pull the HAFA card here for the seller.So for now I keep advising the lender of the fact this is a vacant home that they really don’t want back and maybe they will believe me,but by then it may be to late.