Countrywide Loan with PMI - More Likely To Call Loan Due???
I've been doing subject to for a few years and have never had a seller complain. Now that it is a "great time to buy" and my last 12 months payments on their loan have given them great credit history - they want to buy but can't because they sold their last property to me via Sub2 and left the Countrywide Loan in place.
They are now actively calling Countrywide to complain. My question is this:
- the loan has PMI on it - which is my understanding insures countrywide if they foreclose. so should I be worried that countrywide will be more than happy to call a loan due with PMI on it because the default will be insured.
- On the statement countrywdie says its a Conventional 30 Year with PMI so I don't think its FHA or any other government type loan.
- I've re-sold the property via wrap to anotehr family who's put a good down payment and loves the home.
- I'm 8 months pregnant and don't want keep losing sleep at night - not sure how much I should be worried.
- I'm trying to communicate with sellers about what will happen if they force the issue. They are listening to a mortgage broker who is trying to help them buy a new house. Duh on his part.
Any help advice or past experience shared would be much appreciated.