 Posted: Wed Sep 02, 2009 2:55 am Post subject: Where did my PMI premiums go? |
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| I have been paying my mortgage on time which includes the monthly PMI premium. I am trying to refinance my loan and the broker is telling me that they are unable to process my refinance, because the PMI wasn't paid. Where did the premiums go and how do I resolve this? There has to be someone above Taylor, Bean, and Whittaker Mortgage that can answer and fix this mess. |
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purelyskin
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| Posted: Mon Sep 07, 2009 12:36 pm Post subject: |
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| Quote: | | they are unable to process my refinance, because the PMI wasn't paid. |
PMI, is included (generally, actually the only way I've ever seen it) with the monthly payment. So I don't understand how it couldn't have been paid? Are you 100% sure that you had PMI? The only reason people have PMI, (no one volunteers for it, and most folks, will have it removed asap) is if they financed more than 80% of the homes appraised value...Look at your closing papers on that note. It will show if you have PMI...The mortagee that you now have, should've been collecting it with your monthly payment. I can't understand how they don't know where it is. Now for some reason you were paying PMI separately (although I've never heard of this doesn't mean it doesn't happen)...then surely you have proof of this payment right?
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Lori
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