Mortgage Insurance companies are difficult to deal with as they are just one more hand in the pot to please when doing a short sale. They are stringent and prefer killing the deal rather thank taking logic into consideration. When the difference between killing a deal can be as little as several hundred dollars MGIC, a mortgage insuring institution, has put in place a matrix to explain the way they do business. No matter what deal is the mortgage insurance company breaks it down to the basics of what is owed to the second mortgage and that will determine how much we give them.
This amount never exceeds 3,000 and that caps off at 75,000. That means anything less than that will not qualify for even that much. Now if you’ve done several short sales we are sure that you have experienced what second mortgages are requesting now-a-days. MGIC generally only gives 500 to jr. liens so for anything more you better play your cards right or its a done deal.
Jonathan Katz started in the Loss Mitigation industry in early 2000's. He worked for the one of the largest loan servicers in the US in their loss mitigation/foreclosure department. Through a work flow of 600 cases a month and several years of experience he created an organization in 2005 dedicated to helping homeowners. Now he is taking the next step and putting out the information that even professionals will benefit from.
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