Posted: Wed Dec 03, 2008 6:15 am Post subject: home owners protection act (1998)
Hello..my question to you all would be-
does the home owners Protection act (1998) has any influence over my PMI? Does it really help lower my PMI cost?
brown_brooke _________________ Register Now to have your Insurance queries solved.
Hi,
This Act has a close significance for home mortgages. This act controls both automatic cancellation of PMI as well as cancellation from the borrower's end. Some of the home mortgages since 1999 are governed under this act (inclusive of refinances). Loans in connection with the lenders payments towards PMI and the VA loans are free from it.
ArindamSenIndies
Hi..check if you're nearing a 22% home equity (upon the initial worth of your property). In that case PMI would be automatically canceled under this law. Also, remember that the mortgage payments have to be current and there should not be any high-risk concerning you.
Plasticmind _________________ Register Now to have your Insurance queries solved.
That may be plastic but it's been my experience (four times) that you have to make the mortage holder aware of this...it was not 'automatic' for me ever. _________________ **************************************
Life gaurantees a chance NOT a fair shake
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But like Lori said, if you don't initiate this it will never happen and also you have to pay for a new appraisal, usually about $300. _________________ Gary Spicuzza, *SAFE
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*Self Appointed Financial Expert
Once you reach an 80% loan to value ratio your lender can no longer require you to carrier the PMI.
Do you suggest us to carry PMI under this situation? What could be the problems if we don't? _________________ Register Now to have your Insurance queries solved.
Do you suggest us to carry PMI under this situation? What could be the problems if we don't?
I'd suggest never carrying it, but you HAVE to it's not an option...it's insurance that if you default the martgage company get's their money, so it's no benefit to you because they still come after you...it is required in all mortages that are for over 80% of the value... _________________ **************************************
Life gaurantees a chance NOT a fair shake
**************************************
FIND a way EVERY day to lighten the load of another
**************************************
