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Can PMI collect from the members if the property is held in an LLC?

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Guest	Posted: Mon Jan 25, 2010 7:00 pm    Post subject: Can PMI collect from the members if the property is held in Like 0 Dislike 0 Our tax client has property in Florida held in an LLC. The property was foreclosed. PMI paid a claim on behalf of its insured FNMA. Now PMI wants to recover from our tax client only the amount of the claim it paid on the PMI contract. Can they collect personally from the shareholders, if the LLC is the holder of the property?
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12376 Location: bloomfield, ct 58.49 Dollars($)	Posted: Mon Jan 25, 2010 8:06 pm    Post subject: Like 0 Dislike 0 how was the property titled when the mortgage was granted? was it in the llc? it would be surprising to know that it was, because mi companies are smarter than that to avoid allowing an llc to be the mortgagee. _________________ George M. Akerley Mortgage Underwriter/Consultant Word of Excellence- Writing/Editing/Proofreading 860-221-5044

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