My brother has a mortgage with PMI insruance. He had an accident last year and now cannot pay his mortgage.
He hasn't defaulted yet; he is trying to sell it. But because of the market, he is having to sell it for $52,000 less than is owed. Will his PMI insurance cover the difference of the sale?
Answers (1)
FIRST ANSWER
Your brother should talk to his mortgage company. Generally, selling for less than what is owed is considered a "short sale" and must be approved by the lender. PMI insurance protects the lender although it is paid for by the buyer. Best wishes
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