I wanted to post again about another positive transaction with PMI on the Orlando short sale. PMI is NOT a deal killer. I have had other agents in my office tell me if PMI is on the loan they will not do a short sale. This is just crazy. Granted mortgage insurance makes it more difficult but it is not impossible.

First you must retain an agent like myself who has dealt with a PMI company. Agents that have only dealt with the bank will not know what to do when this comes up. Second do not have your agent ask the negotiator if PMI will be a problem. Never bring up anything the bank does not ask for, Never!

PMI does not come up as an obstacle on all short sales. This is based on my experience. If if does come up the negotiations will be with the PMI company. They will take a reduced amount if you have an agent that is a good negotiator.

The mortgage insurance company will generally ask for a promissory note at 0% for some many months. You can consult your tax advisor as well for information on how to take care of this note.

My last point is, Do NOT give up because you have PMI on the loan. I have never had a short sale turned down over PMI. Remember foreclosure is the last resort. I can help, contact me at www.scottnwendy.com or paganorealtor@gmail.com