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PMI Denied Short Sale

#1 User is offline   the3charmers 

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Posted 14 June 2011 - 11:34 AM

In a totally devastated mood. We applied for the short was advice to stop payment on loan as bank usually likes to see this, we did, now two months behind and mortgage was denied short sale due to private mortgage insurance. Has anyone experienced this? No idea what to do next, i am just super depressed right now. We are planning to move out of state and have started our search for a rental property. Should we stop all this? Just leave as we have plans to do at the end of the school year or what. WHAT CAN WE DO NEXT?
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#2 User is offline   Scoobie 

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Posted 15 June 2011 - 12:03 PM

Do you have just one mortgage on the house?
When do you need to move?

Will you attempt another short sale? - Will the mortgage company pre-aprove a minimum price on your home if you sell (and can they put it in writing)?

I don't understand about the mortgage insurance... could you explain a little more? The mortgage insurance kicks in if you don't pay your mortgage right? So you couldn't let the property go into forclosure even if you wanted to - is that correct? Who is paying for the insurance - the mortgage company or you?
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#3 User is offline   the3charmers 

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Posted 15 June 2011 - 02:58 PM

View PostScoobie, on 15 June 2011 - 12:03 PM, said:

Do you have just one mortgage on the house?
When do you need to move?

Will you attempt another short sale? - Will the mortgage company pre-aprove a minimum price on your home if you sell (and can they put it in writing)?

I don't understand about the mortgage insurance... could you explain a little more? The mortgage insurance kicks in if you don't pay your mortgage right? So you couldn't let the property go into forclosure even if you wanted to - is that correct? Who is paying for the insurance - the mortgage company or you?



Our plan is to move by end of July! We only have one mortgage, At this point we do not know what they will or will not approved still trying to figure that out. We pay the PMI. Heard about a deed in lieu and trying to figure out what our next step should be. thanks for your time
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