No PMI-can That Help My SS?
As I understand it, if a mortgagor is paying PMI, the bank has a fall-back position, and can collect insurance on the loss from default. Does that make them any more or less likely to accept a low (or any) Short Sale offer? How can I use the presence or absence of PMI to my advantage when negotiating the Short Sale?
This is really just a bump. I am starting to learn short sales and would be interested to hear from one of the experts on this.
My understanding is that a home without PMI is generally more favorable. When PMI is involved the insurer must also approve any short sale offers and their policies can be quite complicated.
Any experts want to set me right?