PMI Insurance and Short Sales... Buyer Beware

Some new info on the short sale business that people should be aware of when they have a loan that includes PMI insurance:

Be aware, the PMI Co. in some cases, are requesting the Home Owner doing the Short Sale, to sign a Promissory Note before proceeding with a Short Sale. This is happening more times than not and the homeowner is often surprised and does not want to sign these. Now these are often notes, spread out over periods of 60 to 72 months resulting in payments around $155 a month.

Now I don't know how people reason when they are comfronted with this request but if it was me I'd sign immediately.

If signing that note and making those payments helps me to get a debt forgiven that runs in the ten thousands of dollars. Then this is really a drop in the ocean.

I'm not saying there is a note presented every time, I'm saying there is a great possibility. Now, the PMI Co. are also running behind because of the extreme increase in Short Sales.

Anyway, we at MonkeySold are committed to help our clients as much as we can and often we come up with solutions to find some kind of funding to help lower these notes.

We just sold another monkey

Yeah, we did it again. We sold another Monkey this Sunday night.
That's what we do, we take the Monkey off your back!
After a two day open house, we conducted a succesfull bidding and sold the house to a qualified buyer.
So, just for fun I want to treat you on another MonleySold related video from Youtube. Enjoy!

From an experienced appraiser.

Hey Guys,

I've just got this email from Todd Vandermay, who is an experienced appraiser here in the Orlando ares. His email speaks for itself. Therefore I just copy pasted it. It is a must read! Although no fun.

We are half way through 2008 and the market is still in decline. In this area where we live, I have first hand experience that values have dropped 25% to 50% over the past 2+ years (early 2006 to mid 2008), depending on the home and location. The more artificially inflated the value of the home at its peak, the more the drop now. A really desirable home in a hot community has only dropped 25% from its peak. Understandably, I guess, most people want to believe that their house value is up 10% to down 10%, depending on their level of denial. If they have tried to sell, they have probably had their bubble of denial popped. (And yet, I heard a former president of our local Realtor’s board adamantly and arrogantly proclaim last month that “you are crazy if you don’t realize the bottom is here.”)

I have been in the appraisal business for 24 years and I have never been in a market like this. If you are lucky like myself, and still in this business, congratulations. If we can be of any help in surviving this market, please give me a call. We still provide the same quality reports and quick turn times at a competitive fee. I hope to hear from you soon.

Todd VanderMay

Appraisal Services of Orlando

(B) 407-898-1152

(C) 407-221-6283

(F) 407-895-2060

Todd@AppraisalServicesOrlando.com

I Know I shouldn't... but making fun of yourself can be healthy

My wife gave me a plaque the other day, it read: 'LIVE SIMPLY, SO THAT OTHERS MAY SIMPLY LIVE...' words from Ghandi.

So, I will live the simple life. Helping people sell their homes and helping people fight foreclosure.

What they go through, I am going through myself... Actually I said to myself, you have to have lived it in order to understand and to help. (LOL)
Many of my investments aren't worth the money I owe to the bank, not to mention the downpayment that is vaporized.

Maybe I should do what I preach and just dump it all. Why throwing good money after bad money?

Anyway with all this in mind I want you to enjoy this funny song that I've picked up on Youtube.
As I said in the headline, we better laugh with it all.
Timothy, my partner in MonkeySold says... "Live and Learn."
Enjoy: