Here is the situation, i have a deal that has been seating about 6 motnh waiting for the pmi approval! The negotiator said that lender ahs/ fm investor approved already but they cant provide me with writing approval letter untill pmi company approved? Please help! i been waiting for pmi to approved for 6 month and nothing happen! Any advise it would be greatly appreciate!
Thank you.
BTW PMI is going to come back requesting that the borrower sign a 15k loan no interest loan amortized over 15 years
sharere,
I’ve got a similar situation and just this morning I was told by a new negotiator that MI didn’t actually approve the short sale where I was previously told (3 weeks ago) they did. The new negotiator is now resubmitting everything to MI but it isn’t looking good time wise. The new negotiator says she will do what she can but I’m pretty sure their hands are tied.
[quote author=MichaelQuarles link=topic=45547.msg220410#msg220410 date=1263945915]
BTW PMI is going to come back requesting that the borrower sign a 15k loan no interest loan amortized over 15 years
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MI is not responding at all! is there any way by contacting a specific dep. from MI, to get any type of respond?
They will respond… They have I believe 21 days… It is frustrating but I have yet to have a PMI not agree as long as the borrower agreed to the 15k
been waiting for mi approval or respond 6 month!
Its a stupid situation… The bank agrees then sends the package to PMI for their approval… You have to wait… Just keep calling…
God lord!! :banghead
Well, it have to be away to go around this situation! if any body knows please advise. Or is better not deal with ss with MI? :rolleyes
Is there something that I missed? Why is MI going to come back with a request for 15k?
How do we know its going to be 15k? I have had MI companies come back to with so many different figures that they request. I have seen MI companies request homeowners to take notes amounts from 0 - 45k.
I dont just my experience out here in California… It seems as though 15k is their magic number… Zero interest loan amortized over 15 years…
Ok,
I was not sure if I was missing something.
Ln from lender just called me to said that MI company cancel their policy now the file has to be resubmited to FM for approval!