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Will the mortgage company still file a deficiency judgement if my loan had pmi insurance?

Realgeni · Joined: 13 Apr 2009 Posts: 1434 99.76 Dollars($)

Rockynotbalboa

Welcoem to the forum

PMI is desinged to protect the lender, but how much is the question.

PMi covers some thigns called the top slice.

If you had 10% down and borrowed 90% then the PMI woudl protect the antyhign above 80% and int hsi case 10% will be paid by the PMI.

If you financed the 100% then it gives protection for 20% of the home value.

if you home value has gone down below 80% then the lender will get paid for any amount financed above 80% and any thign below the lender may come after you or they may forgive that amoutn and send you a 1099C

If this is your primary residence you are not liable to pay any taxes on it, but if it is investment then you are liable for taxes

Good luck and feel free to ask

Guest

My mortgage equals 57% of my paym but Chase will not approve a short sale. I was considering talking to them about a died in lieu, but I doubt they will ok that either. Right now I am current on my payments and they declined a loan modification, so I feel like I am running out of options. My income is steadily declining. I am thinking of stopping my mortgage payments to see if Chase will accpet anything. Does anyone have experience with them?

Realgeni · Joined: 13 Apr 2009 Posts: 1434 99.76 Dollars($)

rockynotbalboa

Stoping the payment would be the last option I would suggest.

Have you written a finacial hardship letter to your lender ?

You can find a sample letter on this forum

Good luck and feel free to ask

Guest

Hi,
I applied for loan modification and a refinance, but they said I do not meet the requirements of the presidents plan. I have heard they might consider the short sale or deed in lieu if I am not current on the payment. I am struggling to meet the payment as it is, so this is probably inevitable anyway.

Realgeni · Joined: 13 Apr 2009 Posts: 1434 99.76 Dollars($)

rockynotbalboa

Sorry about your situation

I would get started on the short sale process soon.

Good luck and feel free to ask

Guest

I hear that if the loan is an FHA that they may not go after a deficiency, is this true?

savior70 · Posted: Thu Jul 02, 2009 6:58 am Post subject:

Hi

The FHA loans require you to pay a mortgage insurance premium (MIP) which insures the lender against any default by the borrower. This is why, if you have paid for the mortgage insurance, it will cover the lender's loss due to the default and they may not go after you for the deficiency.

Guest

I was unable to make this months payment due Sept 1. I called my Lender and they told me to write a hardship letter, send proof of income for last 30 days and list of all debts. I will not be able to catch up or make anymore payments. If they foreclose on me will they come after me for any money left owed if it does not sell for the balanced owed?

Realgeni · Joined: 13 Apr 2009 Posts: 1434 99.76 Dollars($)

Gloria

Welcoem to the forum

If they are askign for hardship letter may be they are willign to provide some loan modification.

You probably you want to send out all those documents and ask for some loan modofication

Good luck and feel free to ask

Guest

A friend of mine lost her job and contacted her bank for a loan mod. They added 10 years on the back of the loan making it a 40 year mortgage. She took it, but I can't believe these banks couldn't cut the rate or lower the balance.

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1731 35.55 Dollars($)

So areyou sayign that the bank just extened the terms of the loan with out lowering the interest rate even for 5 years or lowerign the principla

Most of the modification doen are probebly exteneded for more than 30 years, but in the first 5 years they lower the interest rate

Guest

Thats right, they didn't lower the rate at all. The just extended her term by 10 years.

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1731 35.55 Dollars($)

I think yoru friend shoudl not have singed that agreemtn and should have negotiated for better terms

But since she ahs already singed it, only option is ask for loan modification one more time

Guest

Loan scenario – 95 percent purchase transaction with excessive seller contributions of five percent. The five percent down payment was sourced from Plains Bank, but the account was opened less than one month at the time of verification. Mortgage insurance was rescinded due to these deficiencies.

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foreclosure with pmi insurance on the loan