Posted on: 12th May, 2010 10:28 pm
PMI is the only insurance coverage that I know where the payer of premiums for coverage is not entitled to receive a copy of the terms and conditions covered by the premium paid.
How is it that in some states (Florida) that a deficiency judgment can be placed by lenders that agree to a short sale on a loan that has PMI?
How is it that in some states (Florida) that a deficiency judgment can be placed by lenders that agree to a short sale on a loan that has PMI?
Hi sherifffriend!
Welcome to forums!
In case of a short sale, the lender has the rights to come after you for the deficient balance resulting from the sale. The lender the rights to file for a deficiency judgment. Once he receives the judgment, he may contact the PMI company and recover his dues.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
In case of a short sale, the lender has the rights to come after you for the deficient balance resulting from the sale. The lender the rights to file for a deficiency judgment. Once he receives the judgment, he may contact the PMI company and recover his dues.
Feel free to ask if you've further queries.
Sussane