Pmi

[timrac]

I am upside down 20K or so and in the Chapter 7 process, and expect to walk away from the house. Might the existence of PMI make foreclosure more attractive to the bank?

Thanks all!

[justbroke]

I am upside down 20K or so and in the Chapter 7 process, and expect to walk away from the house. Might the existence of PMI make foreclosure more attractive to the bank?

The hidden truth about PMI! Makes Bank foreclosure that much more attractive to the Bank!

[timrac]

So will that shave months off the timeline of how long I can expect to stay in the house?

Thanks for the response!

[justbroke]

So will that shave months off the timeline of how long I can expect to stay in the house?

The problem with foreclosure timelines are one of a.) underlying laws, b.) number of cases in court, and c.) motivation/laziness of lender.

I don't think it shaves months off, but puts you in a situation, when it comes to negotiating modifications, where the Bank/Lender has the upper hand.