Comments on: My PMI Battle: Re-Ignited http://pantsinacan.com/2009/02/05/my-pmi-battle-re-ignited/ A Personal Finance Blog with a Silly Name Tue, 07 Feb 2012 19:59:08 +0000 hourly 1 http://wordpress.org/?v=3.0 By: Dustin http://pantsinacan.com/2009/02/05/my-pmi-battle-re-ignited/#comment-56109 Dustin Fri, 22 May 2009 13:55:44 +0000 http://pantsinacan.com/?p=1099#comment-56109 Woohoo! I sent my certified funds (for principle reduction) to BofA exactly two weeks ago today and checked my account this morning. Guess what - they removed PMI as of May 21st and additionally performed an escrow analysis to adjust my monthly payment. It really feels good to finally (it's actually only been 18 months, but it feels like a lifetime) be DONE with PMI and know that I will never again pay for something so ridiculous. I'm sure few, if any, people will ever read this, but in a weird way it has kept me accountable and motivated to kick PMI to the curb - so thanks! Dustin Woohoo! I sent my certified funds (for principle reduction) to BofA exactly two weeks ago today and checked my account this morning. Guess what – they removed PMI as of May 21st and additionally performed an escrow analysis to adjust my monthly payment. It really feels good to finally (it’s actually only been 18 months, but it feels like a lifetime) be DONE with PMI and know that I will never again pay for something so ridiculous.

I’m sure few, if any, people will ever read this, but in a weird way it has kept me accountable and motivated to kick PMI to the curb – so thanks!

Dustin

]]> By: Dustin http://pantsinacan.com/2009/02/05/my-pmi-battle-re-ignited/#comment-55287 Dustin Wed, 06 May 2009 21:14:30 +0000 http://pantsinacan.com/?p=1099#comment-55287 Jen, The 78% auto cancellation is based on the ORIGINAL amortization schedule. As for me, I finally bit the bullet after almost a year of hesitation. A realtor (mind you, not appraiser) came by to take one picture of my living room and one of the back of the house. In and out in under two minutes. The realtor informed me that the pictures are only meant to prove that the house hasn't been trashed. Brainy, you might have a tough time with this one and the state of your living room... :) Anyhow, I just called countrywide to inquire as to the status of my pmi removal. Guess what happened? They low balled the heck out of me. Bout 7% below Zillow (which is already considerably low for my neighborhood). Anyhow, not surprised, I asked the representative from the PMI department if I would be required to get another COV once I was again below the 80% mark of the new "value". He explained (hope it's true - fingers crossed) that I would be receiving paperwork explaining why PMI wouldn't be dropped at this time but that there would be an option towards the end to pay down principle to match their new value. I'm anxiously awaiting the letter. Hoping what I was told turns out to be true. Hope this helps inform at least somebody... Dustin Jen,

The 78% auto cancellation is based on the ORIGINAL amortization schedule.

As for me, I finally bit the bullet after almost a year of hesitation. A realtor (mind you, not appraiser) came by to take one picture of my living room and one of the back of the house. In and out in under two minutes. The realtor informed me that the pictures are only meant to prove that the house hasn’t been trashed. Brainy, you might have a tough time with this one and the state of your living room… :) Anyhow, I just called countrywide to inquire as to the status of my pmi removal. Guess what happened? They low balled the heck out of me. Bout 7% below Zillow (which is already considerably low for my neighborhood). Anyhow, not surprised, I asked the representative from the PMI department if I would be required to get another COV once I was again below the 80% mark of the new “value”. He explained (hope it’s true – fingers crossed) that I would be receiving paperwork explaining why PMI wouldn’t be dropped at this time but that there would be an option towards the end to pay down principle to match their new value. I’m anxiously awaiting the letter. Hoping what I was told turns out to be true. Hope this helps inform at least somebody…

Dustin

]]> By: Jen http://pantsinacan.com/2009/02/05/my-pmi-battle-re-ignited/#comment-44226 Jen Fri, 13 Feb 2009 19:31:48 +0000 http://pantsinacan.com/?p=1099#comment-44226 I requested PMI deletion from Countrywide last week and got my request for $130 today. I was shocked and appalled. I'm not going to let someone come in and take pictures of the interior of my home on principle. It's just a ploy to get $130, because according to the docs the Federal Reserve published about this, it all depends on the ORIGINAL value of the home!!! They already know the original value of my home!! The same Fed Reserve doc says it has to be cancelled automatically at 78% current balance/original balance. So I'm going to pay the extra $1000 or so to get my principal that low and then they better delete it. The local Federal Reserve agencies are supposed to enforce the Homeowner's Protection Act, so if they don't delete it like they are supposed to, they can expect to get reported. My hatred for Countrywide continues to grow. Once I'm over one thing, a new one comes along. I requested PMI deletion from Countrywide last week and got my request for $130 today. I was shocked and appalled. I’m not going to let someone come in and take pictures of the interior of my home on principle. It’s just a ploy to get $130, because according to the docs the Federal Reserve published about this, it all depends on the ORIGINAL value of the home!!! They already know the original value of my home!! The same Fed Reserve doc says it has to be cancelled automatically at 78% current balance/original balance. So I’m going to pay the extra $1000 or so to get my principal that low and then they better delete it. The local Federal Reserve agencies are supposed to enforce the Homeowner’s Protection Act, so if they don’t delete it like they are supposed to, they can expect to get reported. My hatred for Countrywide continues to grow. Once I’m over one thing, a new one comes along.

]]> By: Chris Casey http://pantsinacan.com/2009/02/05/my-pmi-battle-re-ignited/#comment-43371 Chris Casey Sun, 08 Feb 2009 13:45:28 +0000 http://pantsinacan.com/?p=1099#comment-43371 Makes me happy that the Wife and I struggled for years and paid our mortgage off back in 2004, before we reached 50 years of age. I don't envy you folks Makes me happy that the Wife and I struggled for years and paid our mortgage off back in 2004, before we reached 50 years of age. I don’t envy you folks

]]> By: Have You Reached Your Savings Threshold? » Pants in a Can http://pantsinacan.com/2009/02/05/my-pmi-battle-re-ignited/#comment-43367 Have You Reached Your Savings Threshold? » Pants in a Can Sun, 08 Feb 2009 13:26:07 +0000 http://pantsinacan.com/?p=1099#comment-43367 [...] enough with all of the negativity, you know, like getting screwed on my taxes, insurance companies attempting to stiff their customers, and ING lowering their [...] [...] enough with all of the negativity, you know, like getting screwed on my taxes, insurance companies attempting to stiff their customers, and ING lowering their [...]

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