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 Posted: Mon Feb 22, 2010 11:32 pm Post subject: PMI removal at 78% |
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We have a loan with Countrywide (BOA). We just dropped to 78%. We asked that the PMi be dropped when we got to 80% of the loan and they insisted on an appraisal. We waited to drop further and are now at 78% of the original value and are also at the date set forth in our mortgage as being eligible for dropping PMI. When we contacted them again, they are again insisting on an appraisal. Do we have to do this? Can we force them to drop PMI by suing them?
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ga homeowner
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| Posted: Tue Feb 23, 2010 5:15 pm Post subject: Do payments to mortage holders cease once a valid offer by a |
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We have had an offer on a short sale pending bank review for over 120 days. I suspect that because of an exisiting PMI policy and possibly Federal Bank discount payments if the mortgage was purchased by the primary lender, that the bank is not reviewing this as it will affect their PMI payments. This is a cash deal, so there are no mortgage requirements for the new buyer. Does the bank have to notify the PMI insurer and the fed once they receive a valid offer, or only when they formally review it. When would PMI payments to the bank cease?
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brb47
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| Posted: Sat Mar 13, 2010 2:30 pm Post subject: pmi |
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Can your PMI sue you for the difference in a forclosure.
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kathy boot
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| Posted: Sat Mar 13, 2010 2:57 pm Post subject: MI and Defaulted Mortgage |
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Our landlady has defaulted in her mortgage on the home we're renting from her, and the house is set to be auctioned off at the end of this month. Her boyfriend (a real estate agent) said that she has mortgage insurance to cover the losses that may incur if the house sells for less than it's worth. He said that she was paying an extra $100 per month on her mortgage for said insurance, but he also said she hasn't paid her mortgage for at least 8 months now. If she's not paying the mortgage, would her mortgage insurance be terminated for non-payment?
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Kristine Griffin
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| Posted: Sun Mar 14, 2010 3:19 am Post subject: |
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| Quote: | | Can your PMI sue you for the difference in a forclosure. |
The answer is "it depends." I know, you hate that answer. The dependency can be viewed based upon the principle that the PMI company has no greater rights than your lender has. So if the underlying debt is "non-recourse," they are out of luck. On the other hand, if it is "recourse" the answer is yes. |
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Trench
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| Posted: Sun May 09, 2010 12:54 pm Post subject: insurers |
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Name some of the major carriers of PMI .
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tomfrommetairie
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| Posted: Mon May 10, 2010 3:19 pm Post subject: PMI Refund? |
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We purchased our home back in 2006. The value of the house is over $600K, we bought it for $300K (family deal  )....so, the value has always way exceeded the amount of the loan. With that said, we should never have been paying a PMI, which we have for almost 4 years. Do you think the bank would refund the monies we already paid, when, in fact, we never should have paid it? |
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bogeysloop
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| Posted: Fri Sep 03, 2010 1:47 am Post subject: PMI Insurance |
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I have PMI insurance on my loan. At the time I took out the loan I was told after one year I could request that it be removed. When I did the lender said I had to pay down to 80% and pay on the loan for two years. After two years I requested again that the PMI be removed. I was told that I needed an appraisal. I asked about the "automatic" removal and they indicated I had to be at 78%. I asked if I made a principal payment to bring it down would I qualify for "automatic" and they said yes. I paid down to 77% but PMI kept coming. When I inquired they said that I had to make a request in writing, which I did. Their replay is now that I have to pay on the loan for 5 years, pay down to 75% LTV and also have an appraisal. I don't believe that they are in compliance with the law but they don't seem to care. Do I have any recourse?
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PMIproblems
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MaxHerr
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| Posted: Sat Nov 06, 2010 12:26 pm Post subject: PMI |
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JUST HAD A HEART ATTACK 12 MONTH AGO,MY INCOME WAS CUT IN HALF,MY WIFE LOST HER JOB 2 YEARS AGO,WE KEPT MTG MAYMENTS UP TO DATE FROM OUR SAVING ACCOUNT, WE CAN NO LONGER AFFORD TO PAY MTG,WE ARE UPSIDE DOWN ON THE HOUSE WE OWE MORE THAN MARKET VALUE OR APPRAISED VALUE, WE HAVE PMI HOW DOES IT WORK NOW WHEN WE STOP FUTURE PMTS, AND THE PAYMENTS WE MADE LAST YEAR CAN WE CLAIM ANY OF IT,??
THANKS AND REGARDS
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DESPERATEHOMEOWNER
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| Posted: Wed Jan 05, 2011 1:54 pm Post subject: Private mortgage Insurance |
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My question is two part, Included in my mortgage payment is the premium for Private mortgage insurance that I pay to my Mortgage company to insure the lender, who is the insurance company? #2 If I am paying for private mortgage insurance to protect the lender and I defaulf and the Bank or Lender gets back my property why then do they not get paid from the private mortgage company rather than a bail out from the Goverment?
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Ralph padgett
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| Posted: Wed Jan 26, 2011 1:16 am Post subject: 1st mortgage |
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after 1 month default (yet replaced with a certified check), my 1st mortgage returned my check and put me into legal action and sent me a letter of "notice of mortgage under charge" power of sale.
can they do that even it is only 1 month default? what is my right against private lenders who takes advantage of us.
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bbr
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| Posted: Wed Jan 26, 2011 6:30 am Post subject: |
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Something is definitely wrong here. This should not be happening. Unfortunately, this is not an insurance issue, so there is no special guidance we can offer. You need to speak to a REAL ESTATE attorney specialist ASAP!!
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MaxHerr
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| Posted: Sun Mar 20, 2011 5:42 pm Post subject: Deed in lieu and PMI |
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I have just been granted a deed in lieu by my lender. I soon will need to sign the docs and move out. I am quite sure that I never paid PMI, although I put down 5% at closing. Does the lender have a mortgage insurance policy on the property, and can that company now sue me?
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Hyepod
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| Posted: Thu Apr 07, 2011 5:34 am Post subject: |
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what are the requirements of setting up private mortgage insurance company? 
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boy tulog
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