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Hi there… I have a first mortgage on my home with the lender paying for the PMI. I am wondering if I am foreclosed on or short sell it or do a deed in lieu, if the PMI Company will sue me for a deficiency judgment. Thanks in advanced.

jerry · Posted: Fri Jan 27, 2012 3:10 am Post subject:

Hi Meira,

If you use the Home Affordable Foreclosure Alternatives (HAFA) plan, and are approved for a short sale or deed in lieu of foreclosure, then the PMI company won't be able to come after you to recover the deficiency judgment. In order to qualify for HAFA, your lender must attempt a HAMP modification first. If you are not approved for HAMP, then HAFA alternatives will apply.

Thanks,

Jerry

jameshogg · Posted: Fri Jan 27, 2012 10:33 pm Post subject:

Hi Meira,

I agree with what Jerry has said. However, you should also note that if you go for a normal short sale or foreclosure, then there are high chances that the PMI company will come after you for the deficient amount.

Thanks

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