Posted on: 22nd Mar, 2009 01:55 am
Hello Everyone,
I am currently selling my house in Las Vegas as a Short Sale.
I have an 80/20 loan. Both banks have agreed to the short sale.
I don't know if I have PMI insurance - but if I do - do "they" have to approve the short sale too?
Thanks,
C
I am currently selling my house in Las Vegas as a Short Sale.
I have an 80/20 loan. Both banks have agreed to the short sale.
I don't know if I have PMI insurance - but if I do - do "they" have to approve the short sale too?
Thanks,
C
The lender is the only group you need to worry about approving your short sale.
Oh that's good. I wasn't sure because the other day I thought I heard that sometimes PMI has to approve too? How could I double check?
As far as I know, you would require the approval of your insurance company. I would suggest you to contact your insurance agent. He would help you in double checking.
He doesn't have access to the private mortgage isurance company. That's why I said he doesn't have to worry about it. The lender would make that call for him.
If it's a high loss short sale the bank will need to get approval from the sellers PMI. We are currently going through this process so I know for a fact it does happen!!