PRE-Foreclosure almost REO bank wants to sell but MI wont budge!!

[Lisa Dedrick]

Hi Community,
I have a property that I am working on in Northern California. So I look to you all to help me figure it out. I am just stumped and I thought with all the knowledge out there you may have some ideas. Here is the deal,
The approx. total loans are 1st: $530k, 2nd: $106k. Just add closing costs to that. Whatever doesn't come in to pay off the balance is what the deficiency agreement will be. It's the MI company who is the problem and they really don't care if this deal goes thru or not right now. They will most likely deny the claim from the bank and so they aren't out anything anyway. They don't really care if it goes into foreclosure because they don't loose anything if they deny the claim.

The bank (Wachovia) won't give me access to the MI company (Old Republic).

I am working with the realtor on this deal as suggested by you all. The bank will not give her access to the MI company either. She is bummed out too. Is there something the seller can do to help us she asked me?

I told her the house is upside down we might be better off waiting for the house to foreclose and then have her submitt my offer to the bank the same day it forecloses, even give the bank the offer before it forecloses. She said the bank is totally aware that the house is upside down and in need of a ton of repairs and they want a deal.

Thanks for your help in advance. :roll: :oops: :lol: