by Guest » Wed Dec 03, 2008 06:15 am
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
does the home owners Protection act (1998) has any influence over my PMI? Does it really help lower my PMI cost?
brown_brooke
Posted: Tue May 31, 2011 07:08 am Post Subject: mmcmBGVhBW
Hpa.. Huh, really? :)
Posted: Fri Jun 03, 2011 02:47 pm Post Subject: McWjNQMgZA
Hpa.. He-he-he :)
Posted: Sun Sep 30, 2012 02:54 am Post Subject: automatic termination of pmi
i paid down my loan to about 50%.the mortgage company says,i do not come under automatic termination of my pmi.according to the mortgage company automatic termination is done based the amortization table.Paying down the balance is considered a borrower's request for cancellation of pmi. But the 'home owner protection act of 1998' says 'For home mortgages signed on or after july,29,1999, your pmi with certain exceptions,be terminated automatically, when you reach 22% euity in your home based on the original property value, if your mortgage payments are current.
the mortgage lender or mortgage service r is required to terminate collection of pmi when the mortgage has been paid down to 78% as long as you are current on your mortgage'.
Who is right?Is there any way of fighting them?
Posted: Sun Sep 30, 2012 09:25 pm Post Subject:
Well, since you have not stated when your loan was originated, there is no way to answer your question.
You have, essentially, stated the principal facts of the HPA1998.
Posted: Tue Nov 06, 2012 10:21 pm Post Subject: PMI
I purchased a home for $180k in 2005.
I borrowed $165k.
I owe $138k.
Can my PMI be removed without an appraisal?
My mortgage has been sold several times and the current lender says I must get an appraisal.
Is that the law, or is that just what they are telling me?
Posted: Wed Nov 07, 2012 09:27 am Post Subject:
the current lender says I must get an appraisal.
Is that the law, or is that just what they are telling me?
The current lender is telling you the truth. In order to have PMI dropped, you have to prove that your loan to value ratio (not your loan balance to original loan principal) is below 80%. The only way to do that is with an appraisal -- at your expense, and using an appraiser on your lender's approved list, not just anyone who says they are an appraiser.
Although it appears that your mortgage balance is below 80% of the original appraised value of the home, if real estate values have dropped, you may still be above the 80% mark. An appraisal will cost your about $300-$400, and may not get you the answer you were hoping for, especially if you already know that home values in your area are lower than they were a few years ago, which is true in many parts of the US, thanks in part to Obama and the Democrats and the Republicans.
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