PMI Insurance
I just recently found out that a townhome that I qualify to get rid of my PMI insurance due to the fact that the property values are going up considerably. I called my lender and explained to them waht it was I was trying o do. I recieved a document in the mail saying that I can not get rid of the insurance at this time because I had to late payments on with in the past 24 months. My question is, is there anything else I can do, that would help me get rid of my PMI. **Please See My Profile**
All I can suggest is to refinance, but this would usually cost more than your PMI. If you needed money to invest in other properties and could refinance at below 80%LTV and get what you need, this would be an additional benefit. Otherwise I suspect you are stuck until you go 2 years without a late payment.
Perhaps some one else has a suggestion- personally I never make late payments because my credit is important to my investing plans, so I have no experience in this.
Chris
Duplicate post - see answers in other posting.
This is NOT a duplicate post. The first post was related to how to deal with a mortgage company that was requiring a pay-off to close a pending loan.
This post is related to how to deal with the auto-loan company to fight their sudden claims of deficiency after years of silence.
Thanks,
JS
Great idea NewKid.
However, which State has jurisdiction? The state I live in now or the state I lived in when the auto loan was originally created? I am planning to move to another state shortly, will that affect anything?
Thanks.
JS.
Good question, start with the state in which the loan was originated.
Just got off the phone with a mortgage banker and he said if a loan is originated while this credit item "chargeoff" is unpaid, then it would restart the clock on the statute of limitations. i.e. the claimants could sue to place a lien on the property they (the bank) lent on.
Anyone ever heard of this?
Thanks,
JS.