Pre Foreclosure Questions-Mortgage Insurance-Short Sale Answers-Redding, Ca.

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Real Estate Agent with Real Living Real Estate Professionals BRE# 01760446

Pre Foreclosure Questions-Mortgage Insurance-Short Sale Answers-Redding, Ca.

 

Most home buyers must purchase mortgage insurance because the lender requires it. This item was not something that you could have opted out of at the time of the home purchase.

The mortgage insurance is required by the lender, the bank or mortgage company loaning the money to purchase the home. If the borrower is putting less than 20% of the purchase price as the down payment on the real estate the borrower has no choice but to buy mortgage insurance.

Why? The less down payment on the real estate property, the higher the risk for the bank that is loaning the money for the mortgage.

In a nutshell. the bank or mortgage lender is wanting some protection or insurance in the case the new home owner has to default or stop paying the mortgage.

If the property is being considered for a short sale transaction, it will be important to know if the mortgage loan has private mortgage insurance. The company that is insuring the home loan will be notified of the offer to purchase the property.

Your real estate agent will notify and negotiate the terms with the current mortgage holder, the mortgage insurance company (if there is one involved) and any other liens or taxes on the property, during the short sale transaction.

To have all of your short sale questions answered call today (530) 921-1063 Laura Reilly Realtor lic 01760446...

Pre Foreclosure Questions-Mortgage Insurance-Short Sale Answers-Redding, Ca.

 

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Comments (1)

Daniel J. Brudnok, REALTOR
Berkshire Hathaway Home Services Fox & Roach, REALTORS - Exton - PA License #RS-225179-L / Delaware License #RS-0025038 - Downingtown, PA
SRES, e-PRO,ABR,GREEN,CSP

Laura,

This is so true and I had my Buyer walk away from an agreement when the PMI company refused to respond after in their hands for 3 weeks.

Apr 18, 2012 03:23 AM