Short Sale And PMI
is the fact that the loan I am trying to SS currently has PMInsurance going to affect whether or not the bank accepts my short sale, since PMI protects the banks interest?
is the fact that the loan I am trying to SS currently has PMInsurance going to affect whether or not the bank accepts my short sale, since PMI protects the banks interest?
Yes, the loan servicer must seek the PMI's permission, or at least consult with the PMI to grant a short sale.[ Edited by TheShortSalePro on Date 11/19/2003 ]
you again ! thank you. you give enough info just to reel me in. I'm getting closer and close to grabbing up your book. you're right, the closer it gets the more questions there are.
So, the bank will still grant a SS even though they are protected with the PMI insurance?
So then how does PMI protect the bank?
Sorry SSPRO that smiley above was supposed to be this one
If the mortgagee anticipates making a claim to the PMI, the PMI will have to approve the short sale.
The PMI will examine the amount due, and the as-is, FMV and decide if accepting a short is in their best financial interest.
Read Child's Play. I think it speaks to the players involed in the short sale process.