Posted on: 06th Dec, 2007 02:55 pm
We are selling a house with owner financing, and are looking for ways to protect ourselves. Is a PMI policy available under these circumstances? What else can we do?
You can protect yourselves by having your owner financing deed/mortgage written by an attorney, giving you rights to foreclose upon payment default, etc. To my knowledge PMI companies only work with institutional lenders.
Hi jshnovak,
Welcome to this forum.
I think the buyer can buy a Private Mortgage Insurance even with owner financing. It will protect you if the buyer defaults in his payments. You should contact with you insurance agent. He can guide you better.
Thanks,
Larry
Welcome to this forum.
I think the buyer can buy a Private Mortgage Insurance even with owner financing. It will protect you if the buyer defaults in his payments. You should contact with you insurance agent. He can guide you better.
Thanks,
Larry
