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Mortgage Insurance "Won't Waive the Deficiency". Does it matter?

This is just another example of why working with a Clearwater Beach Short Sale agent is so important. It's also obvious why you need to make sure they have the neccessary professionals on their team to give you legal advice as well as making sure you understand the tax consequences. 

If you have questions or need help with a possible Clearwater Beach short sale - then call us now at 727-422-8901.

Cyndee & Jack Haydon, Realtor

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Well I'm not convinced it does. Matter that is. Before I give you my opinion let me preface it by stating that I am not an Attorney. Nor do I know the definitive answer to the question. This article is just my thoughts as I try to think this through.

So here goes.

First, can a deficiency even exist if a borrower never owed the entity any money to begin with? Last I checked the debt was with the Lender NOT the Mortgage Insurance Company (MI). How can the MI go after a deficiency on a note they don't own? Hmmmmm......

Secondly, what the heck gives the MI Company the right to ask the borrower for a cash contribution or a note as a condition to approving the short sale? Wasn't the insurance premium paid....for INSURANCE!! Doesn't insurance pay out when a valid claim is made? Why are they requiring their risk to be subsidized. Shouldn't these losses already have been worked into their rates?

My suggestion: Next time a MI Company ask for a contribution from the borrower ask to see the policy. I'm guessing this policy will outline what is covered and what rights the Insurer has. My guess is that we will find that the MI Companies are asking for things that are far beyond the scope of the policy. What say you?


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Tutas Towne Realty has already successfully negotiated Short Sales with the following Lenders and Investors.

Chase Short Sale,Sun Trust Short Sale, GMAC Short Sale, Wells Fargo Short Sale,Bank of America Short Sale,USA Bank Short Sale,PNC Bank Short Sale,Citi Short Sale,HomeEq Short Sale,Fifth Third Bank Short Sale,ING Direct Short Sale,GreenTree Short Sale,Capital One Short Sale,ASC Short Sale,First Horizon Short Sale,E-Trade Short Sale,Transland Financial Short Sale,US Bank Short Sale,IBM LBPS Short Sale,
Nationstar Short Sale,BAC Florida Short Sale,Real Time Solutions Short Sale,Fannie Mae Short Sale
FHA Short Sale,Selene Finance Short Sale,DTA Solutions LLC Short sale,Flagstar Short Sale,IndyMac Short Sale

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Tutas Towne Realty, Inc handles Florida real estate sales, Florida short sales, Florida strategic short sales, Florida pre-foreclosure sales, Florida foreclosures in Kissimmee Florida Short Sales, Davenport Florida Short Sales, Haines City Florida Short Sales, Poinciana Florida Short Sales, Solivita Florida Short Sales,  Orlando Florida Short Sales, Celebration Florida Short Sales, Winderemere Florida Short Sales. Serving all of Polk, Osceola and Orange Counties Florida. Florida Short Sale Broker. Short Sale Florida.

Comment balloon 6 commentsCyndee Haydon • October 23 2011 12:26PM

Comments

FSSR is so low in the 46th lowest state for foreclosure, short sale, repossession. You get better at anything you do a lot. Thanks for the explanation of what is needed in a short sale situation.

Posted by Andrew Mooers | 207.532.6573, Northern Maine Real Estate-Aroostook County Broker (MOOERS REALTY) about 7 years ago

Broker Bryant always has fantastic information on short sales and foreclosures! Great choice for a reblog!

Posted by Barbara-Jo Roberts Berberi, MA, PSA, TRC - Greater Clearwater Florida Residential Real Estate Professional, Palm Harbor, Dunedin, Clearwater, Safety Harbor (Charles Rutenberg Realty) about 7 years ago

We've worked with Broker Bryant for over 5 years and he definitely has been a leader in all things Short Sale Related - we are constantly working with the best of the best to help our clients. Thanks for taking time to comment.

Posted by Cyndee Haydon, 727-710-8035 Clearwater, Beach Short Sales Luxury Condos &Homes (Charles Rutenberg Realty) about 7 years ago

Hi Cyndee. Homeowners who choose to work with expert Clearwater Beach Short Sale Agents certainly have a lot of advantages and one of it is being informed of the possible situations and its solutions. Excellent reblog Cyndee!

Posted by Katerina Gasset, Get It Done For Me Virtual Services (Get It Done For Me Virtual Services ) about 7 years ago

Hi Cyndee,Great choice of Blog here.Thank you for an informative Blog.Definitely an expert in Clearwater Beach Short Sales Agent.

Posted by Kim & Kristine Halverson, Realtors (www.LiveWorkSiliconBeach.com, Santa Monica Real Estate :) ) over 6 years ago

This is great for the community. Thanks for sharing this wonderful blog. Keep it up being the best Clearwater Beach Short Sale Agents!

Posted by Bas Panch (SCV Home Buyer) about 6 years ago

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