Now PMI collections are occurring --- heads up!

[BigCowboy]

Now PMI companies are getting into the act.

 

http://blogs.tampabay.com/realestate/2009/...-tampa-bay.html

 

-BigCowboy

[Mayor]

More reasons for people to avoid staying out of FC. Get two jobs, do whatever you have to keep your home.

[caffeinekid]

More reasons for people to avoid staying out of FC. Get two jobs, do whatever you have to keep your home.

Yeah. Just go get an "extra" job. Just take your pick. They're all over the place- everywhere.

 

Don't bother fighting it if you can no longer afford it. Walk away. If you think that you may get sued, declare bankruptcy and BE SURE to get EVERYONE under the terms. The carnage left by the financial market has drawn a lot of predators out of the abyss. They should be treated as such. Tell them to go blow a bubble and don't think twice about it.

[Mayor]

More reasons for people to avoid staying out of FC. Get two jobs, do whatever you have to keep your home.

Yeah. Just go get an "extra" job. Just take your pick. They're all over the place- everywhere.

 

Don't bother fighting it if you can no longer afford it. Walk away. If you think that you may get sued, declare bankruptcy and BE SURE to get EVERYONE under the terms. The carnage left by the financial market has drawn a lot of predators out of the abyss. They should be treated as such. Tell them to go blow a bubble and don't think twice about it.

Now granted I live in Austin and the housting bubble really didn't affect Austin too much -- but we got plenty of jobs around here. Just depends on taking any job to keep your home (which means, yes you may be flipping burgers at McDonalds)

[radi8]

More reasons for people to avoid staying out of FC. Get two jobs, do whatever you have to keep your home.

Yeah. Just go get an "extra" job. Just take your pick. They're all over the place- everywhere.

 

Don't bother fighting it if you can no longer afford it. Walk away. If you think that you may get sued, declare bankruptcy and BE SURE to get EVERYONE under the terms. The carnage left by the financial market has drawn a lot of predators out of the abyss. They should be treated as such. Tell them to go blow a bubble and don't think twice about it.

Now granted I live in Austin and the housting bubble really didn't affect Austin too much -- but we got plenty of jobs around here. Just depends on taking any job to keep your home (which means, yes you may be flipping burgers at McDonalds)

 

C'mon over to Michigan where there are no teenagers working at Mc Donalds anymore, lol. They're all adults, it's all they can get. Even the part-time openings have long waiting lists of applicants.

 

I gotta go find a PMI policy to read now, I wasn't aware they could go after a defaulted homeowner.

[caffeinekid]

More reasons for people to avoid staying out of FC. Get two jobs, do whatever you have to keep your home.

Yeah. Just go get an "extra" job. Just take your pick. They're all over the place- everywhere.

 

Don't bother fighting it if you can no longer afford it. Walk away. If you think that you may get sued, declare bankruptcy and BE SURE to get EVERYONE under the terms. The carnage left by the financial market has drawn a lot of predators out of the abyss. They should be treated as such. Tell them to go blow a bubble and don't think twice about it.

Now granted I live in Austin and the housting bubble really didn't affect Austin too much -- but we got plenty of jobs around here. Just depends on taking any job to keep your home (which means, yes you may be flipping burgers at McDonalds)

 

C'mon over to Michigan where there are no teenagers working at Mc Donalds anymore, lol. They're all adults, it's all they can get. Even the part-time openings have long waiting lists of applicants.

 

I gotta go find a PMI policy to read now, I wasn't aware they could go after a defaulted homeowner.

 

C'mon down to Texas where certain teenagers haven't worked at McDonalds for 20 years, let alone say....a white guy who is looking to save his mortgage. Que? No habla Espanol?

[SportsNut]

I gotta go find a PMI policy to read now, I wasn't aware they could go after a defaulted homeowner.

 

No different than if you have an "at-fault" accident (or a tenant that had a house fire that resulted in a loss) and the party that incurred the loss was covered by their insurance company which resulted in a claim paid to the insured. That ins company is coming after you, (or your ins co) to recover the $$$. In the case of PMI, there IS NO ins coverage from which the PMI co is going to recover funds, so their only recourse is against the borrower. I do wonder how this will play out in the states that do not allow deficiency judgments. Essentially this is a deficiency, but in a round about fashion, after a judgment for loss. Hmmm.

 

There are lots of lenders who have taken def J's (and even voluntary notes for forgiven debt on short sales) in states where they are permitted. Many lenders have done nothing with those J's, (and notes) except to let them be dormant for the moment. Something tells me that when the economy improves these lenders will be looking at exercising on these J's, as a means of improving the bottom line. These may be job-savers to some of the execs who run these banks, as they technically can consider these notes and J's assets, although at what value. Some is better than none, from their perspective I guess.