Mortgage Insurance "Won't Waive the Deficiency". Does it matter?
This is just another example of why working with a Clearwater Beach Short Sale agent is so important. It's also obvious why you need to make sure they have the neccessary professionals on their team to give you legal advice as well as making sure you understand the tax consequences.
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Well I'm not convinced it does. Matter that is. Before I give you my opinion let me preface it by stating that I am not an Attorney. Nor do I know the definitive answer to the question. This article is just my thoughts as I try to think this through.
So here goes.
First, can a deficiency even exist if a borrower never owed the entity any money to begin with? Last I checked the debt was with the Lender NOT the Mortgage Insurance Company (MI). How can the MI go after a deficiency on a note they don't own? Hmmmmm......
Secondly, what the heck gives the MI Company the right to ask the borrower for a cash contribution or a note as a condition to approving the short sale? Wasn't the insurance premium paid....for INSURANCE!! Doesn't insurance pay out when a valid claim is made? Why are they requiring their risk to be subsidized. Shouldn't these losses already have been worked into their rates?
My suggestion: Next time a MI Company ask for a contribution from the borrower ask to see the policy. I'm guessing this policy will outline what is covered and what rights the Insurer has. My guess is that we will find that the MI Companies are asking for things that are far beyond the scope of the policy. What say you?
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Tutas Towne Realty has already successfully negotiated Short Sales with the following Lenders and Investors.
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