After waiting months for a negotiator to respond, and losing two offers during the wait, I finally had a new negotiator assigned to the file (after calling the exec resolution office). In two days she comes back with a request from the PMI company for $12,000 cash to closing or a $25,000 no interest unsecured loan. This is on a $149,000 sales price. She says Freddie Mac is good. I haven't had an issue with the PMI company before and have a question. How does the PMI insurance work? Why does the buyer pay insurance every month and with default then need to pay a deficit? What is the insurance really for if they have to pay it back. I'd appreciate your input as I'm not sure how to answer the seller!  Also, I'm trying to get Chase to let me know if raising the price to $161,000 (which would have covered the cash to close amount paid)  would result in a lender approved short sale. This of course assumes I can get an offer at that price, when three months ago I could not. Thanks!

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