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.
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