Short Sell And PMI
I know this has been asked before (I searched the archives), but the answers did not really answer the question.
On the first, how does PMI affect the short sell.
I am working on a SS with Chase. The principle balance due is 268k. The house is worth about 330k. Chase says that they will not move from 270k because they are protected. Then the rep said something about getting it approved through Fannie Mae.
I assumed she was talking about PMI when she said that she was protected. the loan does have PMI.
1) Does PMI insure the principle balance?
2) Is PMI insured through Fannie Mae - how does Fannie Mae play into this
Thanks
Brenda
Comments(0)