Does the PMI insurer have the athority to stop the sale? they want a prommisary note of $50,000 to ok the sale.We have negotiated it to $35.000 but I do not see how they have this right.The alternative is foreclosure.would we be better off doing the latter?
My experiience in Florida is that it is quite common for the PMI insurer to ask for a promissory note. If you are contemplating bankruptcy, a note to a PMI insurer is a type of debt that can be discharged in a bankruptcy. Since you live in Virginia you would need to file in Virginia although the foreclosed property is in Florida.