Agents Online Real Estate Forums, Discussion, Realtors Marketing Tips

Follow AgentsOnline on Twitter

Click Here to display our logo on your site and link to us!
AgentsOnline Real Estate Discussion Forums Logo

Realtor CommunityA popular online real estate community since 1998!


Advertisements


Sponsored Links
Advertisements
How To Advertise Here
How To Advertise Here

Good Idea!
Realtor Promotion Service

Sponsored Links
(Views)Popular Topics
I MAKE 100 COLD CALLS EVERY DAY & LOVE IT! 28389126
No new orders today 13128121
Stupid MLS comments. 3323466
What do you know about Froy Candelario, top agent in USA 1214942
Stupid QC comments and BPO requirements. 1087567
New HUD Listing Brokers---Any Update? 1050653
Is there religious content in Buffini class? 838799
Let's talk about our cars 685964
Name that Flick. Great movie Lines. 618907
Pay it Forward - BPO/REO Tips & Tricks I & II 608708
Most common items found at an REO 601352
EML 459234
REOTRANS 452768
Main Street 437445
asset val seminar in colorado 418807
assist 2 sell or 1 percent realty? 350075
HOMONYMS - There, Their, and They're 323840
Evalonline 300207
Land America 285053
Mainstreet 261860
Matched Content
Topic Options
Rate This Topic
#380317 - 06/21/11 06:16 PM PMI insurance wants $20K from me!
Ultra Bar Offline
Junior Member

Registered: 06/21/11
Posts: 1
Loc: California
I am short selling my house and the bank is about to approve the offer. However, the PMI wants $20K for approving the short sale and that's a problem because I don't have them.

The loan is 100% financing with Wells Fargo and I am in the state of California (non-recourse State).

If I end up foreclosing my house, can the Mortgage Insurance file a judgment against me for recovering their money?

Top
Advertisements
#380327 - 06/21/11 07:17 PM Re: PMI insurance wants $20K from me! [Re: Ultra Bar]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7791
Loc: Vermont's North-East Kingdom
I think someone has gotten you confused.

The PMI people were responsible for protecting the Bank from losing the top 20% of the loan (what would normally have been your Down Payment under a Conventional 80/20 Loan).

You were probably paying a monthly premium for that Insurance all the time the mortgage was being serviced . . . . or you paid a one-time front end premium at the time of purchase. The PMI people guaranteed that portion of the Loan, you paid the Premium . . . . that was the deal. They lose. That's the nature of their business.

Being 3000 miles away, I can't speak to your other questions; but I doubt that it would be the PMI people coming after you, it would be Wells . . . . and they're subject to losing only that portion of their collateral that dropped below the 80% level.
_________________________
Dale C. Hittle of GOLDEN RULE PROPERTIES in Glover, Vermont
Where We're Always Striving To Put Together "THE FAIR DEAL"

Top
#380328 - 06/21/11 07:20 PM Re: PMI insurance wants $20K from me! [Re: Vermont]
BPOmaster Offline
Veteran Member

Registered: 01/18/11
Posts: 904
Loc: FL
Unless he did the famous 80/20 loan and the 20% is a different lender OR a equity line he has out.

Top






Google Custom Forum Search

This Google Custom search may do a better job of searching the forums for some keywords than the old forum search does. The results do not include threads from the Asset Managers Forum however. To search that forum you will need to be actually in the Asset Managers Forum and you will need to use the old forum search below.
Search

Newest Members
opetherealtor, Amtaro13, Kevin Boyle, Yair, T.T.
29964 Registered Users
Who's Online
0 registered (), 47 Guests and 3 Spiders online.
Key: Admin, Global Mod, Mod
Shout Box

Top Posters (30 Days)
Long Walk 34
Vermont 15
Trouble 15
RonnieEmz 14
Mr. Clean 13
sualk54 12
Z06Fanatic 12
TheTexasGal 7
jetgetset 6
avidstudent 6
estatereal 5
HChomat 5
NJrealtor201 4
offrs 4
Lucky Leonardo 4
Featured Member
Registered: 04/12/08
Posts: 7791
Facebook

How To Advertise Here


This site presented by RNC Internet Services