ArkRescue
Adopt me please !
I had PMI and had been paying on it for 8 years when my marital home was sold as a short sale. Neither of us could afford the mortgage alone, and the market had swung UP and back down during those years also (bought house on the swing up about midway). It had been recommended to me to get a 20/80 split mortgage to avoid PMI, and everyone thought I was stupid for WANTING PMI. I insisted on it because I already knew we wouldn't pay off the 20% higher interest loan early to avoid the interest (as financial people recommend you do), so it was better to pay extra for PMI and be able to drop it off the loan after so many years, you know? I had done the 20/80 split before and wasn't happy with how much I was paying combined with the 20% being higher interest.
Anyway when my now EX stopped his paycheck from going to the joint account as mine did, it was over. He refused to pay toward the house saying I made more than he did so I should pay more of the bills. How about you take your lazy butt to work every day so you can make your whole salary? He would even turn down OT because he was too lazy to care about paying off bills. I finally had enough of all the BS - called our real estate agent Connie Stommel/Exit1 and said see ya. Had a contract on the house 11 months later but it took 1 year and 5 months to close on a sale (mortg co took 6 months to ponder the contract before agreeing to the short sale. It was only short by about $20k so I don't know why they took so long? Waiting for a better offer? The family who bought the house were in a hotel for months waiting for the closing. Glad they held on so long. Many of the problems were caused by the mortg co's and further made worse by the mortg co's. I don't feel bad for the mortg co's at all. Mine almost cost us a sale. I don't feel bad about the short sale either, I paid into PMI for 8 years so a shortage of $20 k couldn't have been a hard a hit on them when they had been charging me just over $200 a month for the coverage. They pretty much got most/all of their money in the premiums I paid.