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PMI taking collection action for foreclosure

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Guest	Posted: Thu Aug 11, 2011 9:10 pm    Post subject: PMI taking collection action for foreclosure Like 0 Dislike 0 Our investment property in FL was foreclosed by lender and now PMI is coming after us to collect on the deficiency amount close to $100k. What's our best course of action? Can't afford to pay that...... Thanks for any help.
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Thu Aug 11, 2011 10:44 pm    Post subject: Like 0 Dislike 0 Hi Guest! Welcome to forums! As far as I know, the PMI company can come after you in order to recover the deficient amount. You should inform the PMI company about your financial hardship and check out if they can give you a payment plan to pay off the debt. Feel free to ask if you've further queries. Sussane
sabrinatoss Community Expert Joined: 16 Jan 2011 Posts: 516 Location: Australia 82.74 Dollars($)	Posted: Fri Aug 12, 2011 1:23 am    Post subject: Like 0 Dislike 0 If you are not really capable of paying the said amount, why not try to refinance to pay your existing debt. However, you should discuss this first with your lender and tell them about your financial issues and find out if they have other suggestions for you. _________________ Home Loan, Mortgage Insurance Calculator, Mortgage Broker

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