Why do investors want to know if there is a PMI or if a HUD1 was ever submitted to the bank?
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Broken Arrow, OK
Hi, Roxanne!
I believe they want to know if there is PMI because (in a short sale), the PMI company will want to be paid X amount of dollars-usually a couple or few thousand-on top of the first mortgage payoff. As to the HUD being submitted, that would show the preliminary figures, and any significant changes from the original figures would raise questions and/or flags.
Jun 10, 2009 07:36 AM
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