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  • February 24, 2008 at 5:52 PM #159531
    Anonymous
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    Forgive me if these are stupid questions but….. dont the majority of these short sales involve mortgages that had compulsory mortgage insurance? If so then isnt the bank going to foreclose and collect for $ mortage – sales price? from the insurance co? If that is so why would the bank ever accept a short sale. Is the bank just stringing the seller along to keep collecting payments? and is just going to foreclose eventually when the payments stop? or does mortgage insurance cover difference between short sale $ and full loan $ ? If the homeowner can beg-borrow-raise from family a few more payments is this just money in the bank ?

    February 24, 2008 at 7:23 PM #159174
    SD Realtor
    Participant

    Josh yeah it will take awhile… just gotta sit tight… we will see what happens…

    edmundwest – A vast majority of mortgages did not require mortgage insurance as they were piggybacks. That is people got a first for the first 80% of the value and a second for whatever they were short on for cash. Thus no pmi needed.

    SD Realtor

    February 24, 2008 at 7:23 PM #159467
    SD Realtor
    Participant

    Josh yeah it will take awhile… just gotta sit tight… we will see what happens…

    edmundwest – A vast majority of mortgages did not require mortgage insurance as they were piggybacks. That is people got a first for the first 80% of the value and a second for whatever they were short on for cash. Thus no pmi needed.

    SD Realtor

    February 24, 2008 at 7:23 PM #159483
    SD Realtor
    Participant

    Josh yeah it will take awhile… just gotta sit tight… we will see what happens…

    edmundwest – A vast majority of mortgages did not require mortgage insurance as they were piggybacks. That is people got a first for the first 80% of the value and a second for whatever they were short on for cash. Thus no pmi needed.

    SD Realtor

    February 24, 2008 at 7:23 PM #159488
    SD Realtor
    Participant

    Josh yeah it will take awhile… just gotta sit tight… we will see what happens…

    edmundwest – A vast majority of mortgages did not require mortgage insurance as they were piggybacks. That is people got a first for the first 80% of the value and a second for whatever they were short on for cash. Thus no pmi needed.

    SD Realtor

    February 24, 2008 at 7:23 PM #159564
    SD Realtor
    Participant

    Josh yeah it will take awhile… just gotta sit tight… we will see what happens…

    edmundwest – A vast majority of mortgages did not require mortgage insurance as they were piggybacks. That is people got a first for the first 80% of the value and a second for whatever they were short on for cash. Thus no pmi needed.

    SD Realtor

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