Is there a way to recover PMI I paid ahead?

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PostPosted: Mon Apr 20, 2009 7:41 pm   Post subject: Is there a way to recover PMI I paid ahead?  

I purchased a home and at the time was not aware that they charged me for 5 years ahead on PMI. Due to the state of the ecomony my home is no longer worth the value at which I bought it. Is there a way to recover the PMI I paid ahead?

jessjomi
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PostPosted: Mon Apr 20, 2009 11:05 pm   Post subject:   

PMI is coverage to protect the lien holder when you owe much more on the home then it's worth. It's removed when your loan to value is around 80%. So the value of your home dropping is not a good thing for you as it will require PMI to remain longer.


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PostPosted: Tue Apr 21, 2009 6:06 am   Post subject:   

WHEN PERSON ACHIEVES 22% EQUITY IN THE HOME (ORIGINAL PROPERTY VALUE) AT THAT MOMENT YOU WILL BE ABLE TO TERMINATE YOUR PMI.



But for this thing you need to be current on your mortgage payment.



One can request cancelation of PMI once person's equity crosses beyond 20 %. ArrowArrow



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amit
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PostPosted: Tue Apr 21, 2009 7:05 am   Post subject:   

Hi tcope..



Quote:
Is there a way to recover the PMI I paid ahead?




I guess recovering the PMI would be tough now.

Won't he be left with the only option of consulting an attorney? Steven
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PostPosted: Wed Apr 22, 2009 9:06 am   Post subject:   

Quote:
Is there a way to recover the PMI I paid ahead?




What are you intending to do with the house? Further, how long you are in possession of the property?
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simon

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