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I was told by the loan officer when I got the TAMI that it could be removed once I had 20% equity in my home. I am attempting to have it removed; however, with great resistance from the lender. Do you have any advice? The appraisal shows my equity is at 23%.

dkrg04 · Joined: 25 Oct 2008 Posts: 3 2.26 Dollars($)

decision to remove it..not the loan officers. It should be removed but doesn't automatically do so. The best way is to call the lender back and find out exactly what is needed as proof to the principal balance to show below 80%....in most cases they want a hard copy appraisal reason being due to the decline in property values thru the US it is there way of protecting their investment...all read what your papers state and it should clearly define what is needed from in order for it to be removed

Niicss · Posted: Mon Oct 27, 2008 3:44 am Post subject:

Hi dkrg!

I completely agree with you in this regard. The OP should immediately show his appraised report to the lender. May be that will help. I think it would have been of great help if the OP had come into an written agreement with the lender that he would remove the TAMI when the home equity is 20%. What do you say?

Thanks.

Company	Loan Type	APR	Est. Pmt.
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Removing TAMI