Private Mortgage Insurance – PMI

Posted on December 27, 2010

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Sometimes a house cannot be sold for enough to pay off the balance, but sometimes a private mortgage insurance company will pay a small amount to help the sale happen. If the debtor can contribute money to this as well, it can save his credit rating.
 
If the mortgagor has equity and is trying to sell the property, often the PMI company will delay foreclosure to give the property time to sell.
 
Sometimes the private mortgage insurance (PMI) company must put a little money into the the debt to get the sale rolling. This is expensive, but as it gets the process moving, and gets the house sold, the expense is justified and written off.
 
This way the new buyer can get the house at a below-market price, since it is being subsidized by the mortgagor and the in-debt mortgagor’s contributions.

 See Axsmith.net for more details.  Christine Axsmith, Esq. is a Washington, DC – based attorney specializing in foreclosure fraud, illegal foreclosure, real estate fraud.  Her credentials can be viewed at her LinkedIn profile.  The Axsmith Law website has a wealth of information for review related to elder law and foreclosure prevention. 

Other sources of valuable information are the AARP website, the Federal Trade Commission website and the HUD website.  See Axsmith Law web site to speak to an attorney.

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