- Average Days from Notice of Default to Notice of Trustee Sale
- Average Days from Notice of Trustee Sale to Trustee Sale
- Total Average Days in Foreclosure
- Time To Acknowledge
- Time to Approve
- Full Release Available
Always read your approvals VERY carefully when they are coming from a MI company. Terms have a way of changing.
The five largest MI companies have recently been downgraded. They could become increasingly difficult to work with since their is no incentive to solve the problem early. If they approve a short sale now as opposed to cover the loss at a later date with a trustee sale they may choose to wait to take the loss. Although not really a “lender” mortgage insurance (MI) companies like Radian may have a stake in the Short Sale at least on covered loans. We are talking, in most cases, about MI coverage that was purchased, or paid for, by the beneficiary (lender) – we are not talking about traditional borrower paid mortgage insurance. Old Republic generally demands 20% of the outstanding lien (usually it’s the junior lien) from the borrower. is the only way to describe most demands made by mortgage insurance companies when their cooperation is being requested to get a Short Sale closed. We continue to have more than occasional success when we attack the challenge head-on. It is time consuming. Particularly in those cases where the debt in non-recourse, you can be successful when battling with MI companies, including Radian. Just make sure you start early and have a big cup of coffee.