Foreclosure Officers
Am I being extorted by my private mortgage insurance company?
I literally have no money and negotiated a short sale with my bank for $175K on a $275K mortgage. The PMI had to approve the short sale, and the loss mitigation officer at the PMI refuses to approve the short sale unless I sign a promissary note for $77K. He said he will recommend foreclosure to the bank if I do not participate in a promissary note with them. I have all of this in writing (e-mail). What can I do?
No it’s not extortion. They’re making you a counteroffer. If you want to sell it for $175k then you owe them $77k. You can’t just get a mortgage for $275k and think the other $100k will be forgiven.
WITNESSES “MERS DECEPTION”: Foreclosed Justice: Causes and Effects of the Foreclosure Crisis PT 2
