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#380317 - 06/21/11 01:16 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?

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#380327 - 06/21/11 02:17 PM Re: PMI insurance wants $20K from me! [Re: Ultra Bar]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7717
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"

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#380328 - 06/21/11 02:20 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.

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