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If you have PMI and your mortgage company accepts a shot sale does the PMI cover the difference?
I am working on one now where the buyer did not have PMI, however, the lender purchased PMI. Subsequently, the buyer has defaulted on the loan and has listed the property as a short sale. We secured an excellent offer which was submitted to the lender. The lender came back and said the deal was accepted by the investors but needed be sent to the PMI company for approval. This is the first time in the four month process that we found out there was PMI on the loan. The PMI company wanted the seller to sign a Promissory Note for the difference. The seller refused to sign it and the PMI company has trashed the sale because of it. We are now offering a Deed In Lieu Of Foreclosre so the investors can keep the buyer. Does the PMI company have to approve the Deed In Lieu? I wonder what the PMI company has to gain by forcing a foreclosure if the seller will not sign a Promissory Note to them? The sad part is that the offer is excellent, the property is vacant and will continue to decline in value as the landscaping dies and as it becomes vulnerable to vandalism and general neglect.
Does an FHA loan have a PMI requirement?
Most FHA loans will require a PMI (private mortgage insurance) It will depend on the area from which you get the loan as to what percent you will have to pay upfront or how much to get.
Can you refinance a loan that will allow you to Cash Out without having to pay PMI?
this is possible Most of my clients are never put into PMI Pmi is usually placed on with a loan when the purchaser is putting down a very small amount of money PMI is a old loan technique not used very much at all now. So if your question is in regards to PMI I would not expect you to have to pay PMI on a refi. I have plenty of lenders who will not ask for PMI and I avoid it for my clients very easily If you have any more questions give me an e-mail at nora@chapter13refinancing.com
How do you get the PMI company to pay off the mortgage after the death of one of the borrowers?
Unless you had mortgage insurance, the surviving borrower is responsible for paying the mortgage. If the mortgage isn't paid the lender will take possession of the property by foreclosure.
Does private mortgage insurance change the foreclosure or deed in lieu proceedings?
Private mortgage insurance or PMI is insurance to protect the lender if the home is foreclosed upon and there is a deficiency. That deficiency is paid by the insurance company. It would not appear to have an effect on the foreclosure proceeding, just on your liability for a deficiency. However it is to your advantage also to have MI if your house goes into foreclosure. Not only do they pay the lender and cure a portion of the definciency, but often they get involved up front and try to work with the borrower and lender both to avert the foreclosure. That way they are paying a lower claim and the borrower gets to keep their house. I've even heard of the insurance company helping the borrower get short term loans, renegotiate the mortgage or helping them find a buyer.
If you have PMI and your mortgage company accepts a shot sale does the PMI cover the difference?
I am working on one now where the buyer did not have PMI, however, the lender purchased PMI. Subsequently, the buyer has defaulted on the loan and has listed the property as a short sale. We secured an excellent offer which was submitted to the lender. The lender came back and said the deal was accepted by the investors but needed be sent to the PMI company for approval. This is the first time in the four month process that we found out there was PMI on the loan. The PMI company wanted the seller to sign a Promissory Note for the difference. The seller refused to sign it and the PMI company has trashed the sale because of it. We are now offering a Deed In Lieu Of Foreclosre so the investors can keep the buyer. Does the PMI company have to approve the Deed In Lieu? I wonder what the PMI company has to gain by forcing a foreclosure if the seller will not sign a Promissory Note to them? The sad part is that the offer is excellent, the property is vacant and will continue to decline in value as the landscaping dies and as it becomes vulnerable to vandalism and general neglect.
Does an FHA loan have a PMI requirement?
Most FHA loans will require a PMI (private mortgage insurance) It will depend on the area from which you get the loan as to what percent you will have to pay upfront or how much to get.
Can you refinance a loan that will allow you to Cash Out without having to pay PMI?
this is possible Most of my clients are never put into PMI Pmi is usually placed on with a loan when the purchaser is putting down a very small amount of money PMI is a old loan technique not used very much at all now. So if your question is in regards to PMI I would not expect you to have to pay PMI on a refi. I have plenty of lenders who will not ask for PMI and I avoid it for my clients very easily If you have any more questions give me an e-mail at nora@chapter13refinancing.com
How do you get the PMI company to pay off the mortgage after the death of one of the borrowers?
Unless you had mortgage insurance, the surviving borrower is responsible for paying the mortgage. If the mortgage isn't paid the lender will take possession of the property by foreclosure.
Does private mortgage insurance change the foreclosure or deed in lieu proceedings?
Private mortgage insurance or PMI is insurance to protect the lender if the home is foreclosed upon and there is a deficiency. That deficiency is paid by the insurance company. It would not appear to have an effect on the foreclosure proceeding, just on your liability for a deficiency. However it is to your advantage also to have MI if your house goes into foreclosure. Not only do they pay the lender and cure a portion of the definciency, but often they get involved up front and try to work with the borrower and lender both to avert the foreclosure. That way they are paying a lower claim and the borrower gets to keep their house. I've even heard of the insurance company helping the borrower get short term loans, renegotiate the mortgage or helping them find a buyer.
If I currently don't pay PMI but refinance and my home value has decreased to having less than 20 percent equity would I now have to pay PMI if I refinance?
Yes you will.
What is pmi insurance?
PMI is a type of mortgage insurance that insures the bank for repayment of the home mortgage. Banks generally make you pay for PMI insurance if you are within 80% of the appraised value of the home financed. For example if you have a home that is appraised at $200,000 and the balance on the mortgage is $160,000 or more then the bank will require you to carry PMI insurance. PMI insurance only covers the bank but the homeowner is the one who has to pay the premium.
How do you get rid of pmi?
you can put 20% down and usually not have to pay p.m.i.
Does PMI insurance cover the note when someone is in default on a foreclosed home if so up to what percentage?
PMI only covers the Mortgage company or Lender. When PMI pays on a defaulted mortgage note, the buyer then owes the balance of the mortgage to the PMI company. It does not relieve the buyer of the obligation to pay.
Can your PMI go up on a fixed rate loan?
You PMI is an insurance policy that you purchase to protect the bank or mortgage company against the loss of you being foreclosed on. Generally, once you get to the point where you owe 80% or less than the value of the property financed, you will no longer be required to pay for PMI. You will have to question this with your bank continuously as they will not automatically remove this coverage. PMI helps you in absolutely no way possible. If you are foreclosed upon and your home is taken, the PMI company will pay the bank for their losses, take your home, then sue you for their losses. Get out of this asap.
how do you calculate pmi and how much is the pmi for $250000.00?
i dont really know that much about the requirements in your state... but if you go the Red Cross, no HS or GED is required to take the course.
What happens when the homeowner dies and has PMI insurance before the mortgage is paid in full?
PMI has absolutely nothing to do with the death of a home owner. There is no benefit to the PMI in this situation. A Mortgage Life Insurance policy would be of great benefit as it would pay off the mortgage on the house at the death of the homeowner.
