Countrywide’s Inept MI Deletion Department
Guess what I received in the mail today from Countrywide?
Yep, exactly what I expected.
The same letter I received on July 14 and August 1.
So now I’ve gone back to the customer service route that has failed me in the past.
I’m not really sure why I bother.
Oh yeah, because they bill me over $1k/year for something I shouldn’t have to pay for!!!
Anyhow, I think I was a little more direct this time:
On August 18, I submitted my third request online to have a Mortgage Insurance Review done on my account in an effort to have my mortgage insurance cancelled.
Today, for the third consecutive time, I received the same letter from Countrywide stating that I need to schedule and pay for a home appraisal for my mortgage insurance to be cancelled.
This is UNACCEPTABLE.
According to the Homeowners Protection Act of 1998, Private Mortgage Insurance must be terminated automatically when the borrower reaches 22 percent equity in the home based on the original property value.
Logging into my account and heading to the “Mortgage Insurance Deletion” section of the Countrywide website, it states that my current loan to value percentage is 77.879%.
That means that I currently have 22.121% equity based on the original property value of $141,000.
According to federal law, I no longer have to pay for mortgage insurance.
Please explain to me why it has not yet been cancelled.
Of course, I’m not actually expecting a response that answers my one request for an explanation. I’m not that naive.
In fact, if I were a betting man, I’d wager that Countrywide’s response will be:
Thank you for your recent Internet inquiry addressed to the Customer Service Department.
Our records indicate that we have requested the escrow review department to mail you the list of requirements if it is eligible for PMI deletion. Please allow 7-10 business days for receipt. If you should require any additional assistance, please contact our PMI Department at (800) 669-9092.
Thank you for communicating with us electronically, we appreciate the opportunity to be of assistance.
Yep, heard that before.
If only the threat of filing a complaint with the FTC would get some attention… Sad, a threat like that is about as effective as a car alarm…