Posted on: 20th Aug, 2010 05:56 pm
Okay, we are a military family, and we were just transferred from Virginia to Washington State. We had to leave our home in Virginia and put it up for short sale because we are upside-down in the mortgage(like everyone else in the country). Everything was going along just fine, and the mortgage company accepted the offer. The only glitch was the buyer wanted 4%, and the mortgage co will only give 3%. Okay, we can work with that. However, now, the Mortgage Insurance company is insisting that we sign a $30,000 promissory note to them, or they won't allow the short sale. That is not do-able for us. As it is, we are down to one income and struggling to make ends meet. Does anyone have any ideas on how we can fix this? I'd rather not go to foreclosure, but it isn't looking like we will have a choice. Not to mention, these buyers have been working with us diligently for 2.5 months now. So this screws them too. What can we do?? And, if we do go to foreclosure, can they still come after us? :(
I work for a big lender and do S.Sales all day long. If you can, offer some cash to MI and they will go away. They can hold up the works on everything, asses. Have the buyer or someone help u with the cash offer. Buyers can kick in. ET AL. Ryan