PMI Cancellation Request (3rd Attempt)
August 18th, 2008 | 7:43 am | Posted in PMI - Mortgage Insurance |
Hopefully today is the day that my 40 day PMI saga concludes.
Countrywide has corrected Friday’s $1500 mistake and the balance on my mortgage is now less than 78% of the original value.
Even Countrywide’s website says so:
Combine that with the FTC’s claim:
For home mortgages signed on or after July 29, 1999, your PMI must be terminated automatically when you reach 22 percent equity in your home based on the original property value, if your mortgage payments are current. Your PMI also can be canceled, when you request - with certain exceptions - when you reach 20 percent equity in your home based on the original property value, if your mortgage payments are current.
So here goes nothing… I’m going to submit another request to Countrywide to have my PMI canceled.
Hopefully this time I won’t get the same form letter that I’ve already received twice…
August 20th, 2008 at 3:24 am
Dude, are you kidding me?
July 29, 1999?
I missed it by 3 months and 9 days!!! I closed on my house April 20, 1999! Crap! I suppose I have to contact the people and pay their ridiculous fees to have my house re-appraised, yada yada… any suggestions? Or is there a different rule that applies to mine? Damn, double damn!
Atleast I’m with Chase… hopefully their people are a bit smarter than Countrywide!
ugh!
August 20th, 2008 at 6:17 am
As far as I can tell, since your loan came before the HPA law (which as far as I can tell doesn’t do anything anyway), you have the right to ask them to drop it, but they don’t have to say yes because it was just “part of the deal” when you signed.
At the same time, I can’t imagine they’d say no if you’ve paid down enough. I mean, I’d gander that they’d prefer to keep your loan rather than have you re-fi somewhere else… That maybe something to threaten when you ask…
Either way, it doesn’t sound like a fun battle up ahead…
August 21st, 2008 at 5:45 pm
Ok… well, I’ll see what I can do… I still need to figure out the exact amount I need to have in equity first - I know I must be getting close.
I want to say they said 20% - but I might be confusing that with the 20% that was needed to go with a conventional loan back when I bought the house (I had to go FHA). I dunno!
Thanks!
August 26th, 2008 at 5:58 pm
Were you successful at having your PMI dropped w/o paying for the COV?
August 26th, 2008 at 8:32 pm
Hi Butch! Not yet… Sadly, not yet…
August 26th, 2008 at 9:49 pm
Sorry I neglected to read the dates in your posts. I’m in the exact same situation as you currently. I will let you know if I have any success.