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Northeast OH Short Sales: How To Negotiate Away Promissory Notes

Northeast OH – If your loan has Private Mortgage Insurance, also known as PMI, then there is a high likelihood that they will request that you sign a promissory note.

Today’s blog post talks about how to convince the lender to waive it.

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

PMI companies are notorious for asking for promissory notes. The reason they ask for them so much is because there is no risk in doing so.

If the home is foreclosed upon, then they will have to pay a claim for the loss. If the home is sold as a short sale, then they will have to pay a claim for the loss. Either way, they have the same result.

But, if they get a promissory note, then they get some money to help cover the claim. Either way, there is no risk to them.

All that you have to do to avoid the PMI promissory note is show the PMI negotiator that the seller has no assets and does not have the ability to pay a promissory note.

You want to speak directly with the PMI negotiator. If you must, then escalate the file to a supervisor.

When they see the seller has no assets, they will still push for a promissory note. You have to hold firm and sometimes even threaten to go to the press.

If you have made a good case and talked to the right people, then they will usually waive the promissory note. Thinking about a short sale?

I can help you short sale your property and never pay the bank another penny. Send me an e-mail at iandymorris@gmail.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (440) 348-5500

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Northeast OH loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

Andy Morris specializes in loan modification assistance and short sales in Northeast OH Ohio. Northeast OH Loan Modification Help, Northeast OH Short Sales, Northeast OH Short Sale Realtor, Rocky River Short Sales. Rocky River Loan Modification Help, Rocky River Short Sale Realtor, Bay Village Loan Modification Help, Bay Village Short Sales, Bay Village Short Sale Realtor. Avon OH Loan Modification Help. Avon OH Short Sales. Avon OH Short Sale Realtor. Avon Lake Loan Modification Help, Avon Lake Short Sales, Avon Lake Short Sale Realtor. North Ridgeville Loan Modification Help. North Ridgeville Short Sales, North Ridgeville Short Sale Realtor. Sheffield Lake Loan Modification Help, Sheffield Lake Short Sales, Sheffield Lake Short Sale Realtor. Columbia Station Loan Modification Help, Columbia Station Short Sales, Columbia Station Short Sale Realtor. Grafton Loan Modification Help, Grafton Short Sales, Grafton Short Sale Realtor. Northeast OH Short Sales. Northeast OH Realtor.

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