Confused seller (mortgage companies, mortgage, private insurance, property)

[nmonty]

I thought our home had sold. We are now 2-3 weeks out of closing and I was just informed that the buyer is unable to get PMI coverage on our home because there is a railroad track appx. 50-75 ft from the back of the property line (behind trees and a gully- not visible during the summer). We had PMI on our loan when we purchased 9 years ago. As most of the neighborhoods in my town have a least one street backing to a railroad track, I can not believe that PMI is denied. Is this a trend? Am I going to be unable to sell our home (appx value 190-195 K)? We are two to three weeks out and I have to get the kids ready for school and now I am stuck. Any advice? Thanks.

Michelle

[chet everett]

Makes no sense what so ever.

If your contract says you have the right to try and obtain financing for the buyer you ought to be all over the details.

Hard to say what all is going on, but I am thinking this is a classic "weasel out" attempt by a cold footed buyer. Get with your attorney to review and brace for a fight over the earnest money...

[middle-aged mom]

If your home is not eligible for private mortgage insurance, it will probably be eligible for public mortgage insurance, otherwise known as FHA financing.

Perhaps this question should be posted in the mortgage forum.

[FalconheadWest]

The mortgage companies are doing a bunch of crazy things right now. I have a buyer would was denied the 2nd lien because he's a relocating self-employeed person. We've contacted every 2nd lien company who funds in Texas, and no one will touch it and we're talking 720+ credit score.