Tom77, Home Seller in Chicago, IL

PMI agreed to sales price & investor (fannie) agreed to sales price.Since the investor has been made whole by PMI,will short sale show on my

Asked by Tom77, Chicago, IL Mon Nov 22, 2010

credit Short Sales Dealing with PMI and Fannie

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The bank may be made whole but the PMI company is paying it and therefore your debt switches from owing the bank to owing the PMI company. Hopfully you had a professional negotiator working on your behalf that alos negotaited what will happen with the shorted amount after the sale. if they did not, The PMI company will assess if you own other property or have the ability to pay it back, they could forgive it try and collect it.

Please see my blog with details, advice and tips on getting your short sale approved
0 votes Thank Flag Link Tue Nov 23, 2010
The agreement doesn't negate the short (the lack of funds to completely pay off the loan[s] and closing costs). Technically, the mortgage insurance company could still make some waves (by foreclosing their interests).
0 votes Thank Flag Link Tue Nov 23, 2010
Hello Tom,

Unfortunately, yes. The good news though is that it sounds like your short sale might actually close now.
Web Reference: http://www.buyvegasnow.com
0 votes Thank Flag Link Mon Nov 22, 2010
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