Where is PMI in all this debacle?
I have always known that most mortgages carry a PMI payments - monthly payment to a insurance company.
Buyer defaults on payments and the bank wants to foreclose.
What is the incentive for the bank to foreclose if they are already collecting payments from the insurance company.?
I have had a few foreclosure I have helped client with in which the negotiations I was persuing was not with the mortgage company but a third party insurance who had to make payout to the banks.
Expert opinions needed to clarify this for all involved in the REO process.