Are the companies that have been collecting PMI for decades finally starting to have to pay?
*** Not many. As the housing boom took off many people financed homes without paying PMI. Instead they got two mortgages. This is/was a common way to get by without paying PMI.
Why are there not more judicial foreclosures in CA since prices have dropped way more than 20%?
*** Private sales, (ie trustee sales) are much easier, expedient, and probably (just a guess) cheaper then a judicial foreclosure. The deed of trust gives the lender the power to hold the private sale aka the trustee sale.
I have been preaapproved by Countrywide with only 5% down and yet everyone says it is 20% now to buy. Is Countrywide on the level or am I going to be surprised after getting my offer accepted?
*** Contrary to popular belief there are still financing paths out there for less then 20%. It is not as uncommonplace as you would think. Yes it is harder then it was and underwriters are doing a MUCH better job these days.
