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 Posted: Mon Jun 01, 2009 8:29 pm Post subject: PMI refund-Will I get a refund for the excess premiums paid? |
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| We have been paying $55.89 PMI through our escrow account from Chase Mortgage. We just received a refund check for $55.89 for an extra month that they had taken out. Are we entitled to a full pmi refund? We have paid $55.89 since Feb. 03 and this totals over$3200.00 I got information from Chase Mtg. that had serviced the PMI and I got the # from information and I have called and it just rings and rings and no answering machine. When we were signing papers for the refinancing of our house, there were so many papers to sign, that we didn't realize until it was all over that we should have just kept our original loan, cause our house payment raised $800.00. |
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kristikirkwood
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Joined: 01 Jun 2009
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| Posted: Tue Jun 02, 2009 1:07 am Post subject: |
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kristikirkwood, No I doubt you'd be entitled to any pmi refund, but you can ask that PMI be dropped when you loan balance is less than 80% of the homes appraisal..(I've done it myself about four time)..You contact your mortgage company, they are the ones that have to ok dropping it not the insurance carrier for the PMI
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Lori
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Location: Missouri
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| Posted: Tue Jun 02, 2009 6:48 am Post subject: |
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Hi Kristi,
| Quote: | | Are we entitled to a full refund of the PMI? |
I don't think you'd be entitled for such a pmi refund since you were obliged to maintain PMI when your loan balance was higher. Isn't it?
| Quote: | | When we were signing papers for the refinancing of our house, there were so many papers to sign, that we didn't realize until it was all over that we should have just kept our original loan, cause our house payment raised $800.00. |
Would you be able to name the documents that you had to sign while refinancing?
Steven |
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steven
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| Posted: Tue Jun 02, 2009 6:50 am Post subject: |
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Hello kristi,
Lori is absolutely correct one may become eligible to drop PMI once enough equity is accumulated on the property. Another option is that when you sell the house you would get refund on the PMI.
You may qualify for the pmi refund under the Homeowners Protection Act of 1998, if
1) You have made more 20% downpayment for the home
2) Have paid-up 80% of the of the mortgage amount
3) Your property value have increased more than 20% since you have purchased it.
Let us know if you satisfy any of the above condition.
~Jeremy |
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JeremyHolter
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| Posted: Sun Sep 20, 2009 12:49 am Post subject: Yes your are |
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entitled to a refund. We got a refund on our PMI for a home we owned from 4/2003 to 11/2005. The easiest way to do it is to go to the HUD site and find the link for PMI refunds. The Housing and Urban Development government site has a link specifically for PMI refunds.
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anonymous75
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| Posted: Sun Sep 20, 2009 10:08 pm Post subject: |
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| As long as the closing was done before December of 2004. The fha determines how much of the premium paid up front is refunded when loans are terminated. Refunds are based on the number of months the loan is insured. For loans with a closing date prior to January 1, 2001, no refund is due to you after the end of the 7th yr. Loans closed on or after January 1, 2001, no refund is due the you after the 5th yr, you said you were paying in feb 03 right? The process is pretty technical. But if you go to the hud site, search for "refund alerts, fha or pmi" refunds. Should be in there. Just so you know, you can do this on your own. There are groups out there scaming people offering quick results, be careful. |
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Trench
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