Under federal law, Private Mortgage Insurance on most loans originated on or after July 29, 1999, will terminate automatically once the mortgage has amortized to 78 percent of the original value of the house. The borrower must be current on all mortgage payments.

The lender must tell the borrower at closing when the mortgage will hit that 78 percent mark.

 
 

Using a Certified Distressed Property Expert (CDPE) could save you tens of thousands of dollars off your next foreclosure or distressed property purchase. As CDPEs, we consistently monitor hundreds of distressed properties including Pre-Foreclosures (Short Sales), HUD, REO and Bank Foreclosures. We monitor distressed properties (daily) from $50,000 up to 2,500,000! Some of these properties can be viewed by private showing or during our scheduled Foreclosure Tours.

If you are selling, via the short sale; utilizing the services of a qualified CDPE during your Short Sale process is imperative!