What is the Role of Republic Mortgage Insurance Company when Completing a Short Sale?
Hey guys, Kelly Cook here with the KC Real Estate Group, your :k1: short sale specialists. You can find us online at www.KellyCookHomes.com. Now we specialize in helping homeowners across the entire :k1: area find alternatives to foreclosure through the means of a short sale. The topic we are specifically addressing today is not just mortgage insurance but specifically the company, Republic Mortgage Insurance Company or known as RMIC. Now RMIC is owned by Old Republic which is the parent company and it does a lot of mortgages for many American homeowners so they are pretty prevalent. Because of that we have worked with them many times for homeowners doing short sales. When they insure a property or mortgage they want to make sure they get the highest settlement possible for them, especially if they have to payout to a bank. For example, you may have a first or a second mortgage with Chase Bank, it doesn’t matter but you may have mortgage insurance with your payment built in. They are specifically there to insure that if you default on your mortgage that the bank is paid out in full. So the loser in that deal when a foreclosure occurs is a mortgage insurance company. That being said, they are very tough to deal with. They want to get the most money possible out of that borrower if they are in default.
This is a good time to hire a specialist. You don’t want to let someone practice on your short sale. Hire someone who not only has done hundreds of short sales, we are one of the largest real estate teams in the :k1: area and we have closed around 400 short sales. We know what we are doing and we have dealt with RMIC many times and would love to work with you. Again, I’m Kelly Cook with the KC Real Estate Group, one of :k1:’s leading short sale teams and we’re here to help, so please give us a call today. You can also email us if that is easier for you at info@kellycookhomes.com. Our phone number in Arizona is 480-442-9868 and or Ohio number is 614-600-2028. We would also like to recommend the home value calculator on our website. It will tell you the value of your home once you enter in some of your property information. You can find it at www.MyHomeValueCalculator.com. It will email you a full report. Thanks a lot and have a wonderful day.