We received an approval of short sale on Sept 3, 2009. No mention of PMI. Now we are closing tomorrow and upon review by negotiator, suddenly PMI is noticed and sent the information. They come back requesting $25,000 promissary note payable at 0% int for 7 years at about 296 per month.
We were to close tomorrow!! Buyer has movers planned, Seller has taken day off work, and Wham! We are hit with this killer info that totally blows us out of the water! Unbelievable!
Did the Negotiator miss it? Whoever is responsible, does not matter. Probably will not close and Seller will not pay a dime to PMI. CMG is PMI company. I realize we can surely negotiate down, but Seller will not pay a dime at this point. She says "let if forelose"!!! I am done!
Buyer has given notice to Landlord, and have movers coming in two days!
I have emailed all my "resources" for training and loss mitigation contacts for help. Hoping for a miracle by tomorrow morning.
Lender is CitiMortgage
PMI Compnay: CMG
Update: PMI resolved, settled for less than amount owed. Deal closed without foreclosure appearing on homeowners credit report.