How Mortgage Insurance “Will” Affect Your Short Sale!
December 10th, 2011 | 
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On this week’s Preforeclosure Daily Grind “Tip of the Week” we uncover the little known facts behind Mortgage Insurance and how it can end any successful attempt at getting a short sale accomplished. Listen in as we not only tell you how to plow through this roadblock but we also go over what mortgage insurance is, what role it plays when going through your short sale transaction, what steps and decision makers you need to go through before you get your short sale accepted, the guidelines for MGIC (one of the nation’s top mortgage insurance companies) and what they’ll allow a 2nd mortgage to “net” in a short sale closing, what one of our top government sponsored enterprises (GSE) will allow 2nd mortgages, and much more.
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Good stuff you guys! Dealing with Chase right now to get a deal done and MI in this case is Triad. The crazy part is seller owes $203K and have a $200K offer and property is probably worth around $195-$200K and they’re taking forever to put this deal together.