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Mortgage company refusing to remove PMI

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Arlinda Guest	Posted: Mon Feb 21, 2011 12:04 am    Post subject: Mortgage company refusing to remove PMI Like 0 Dislike 0 Dear Everyone. Can you help me? I purchased a home using a conventional loan through Cendant Mortgage for $80000 in 2003. I paid on time every month and even paid a lump payment of $6000 to get it under 78% of the original loan value. I requested PMI removal. They denied saying that now the property values in the neighborhood have declined so badly that they will not remove the PMI. Can they do that? All the paperwork that I have says that they use "original value". How can they use the current value instead? The property is empty. I want to continue paying for it to keep my credit up, but I feel like they are taking advantage of me. What can I do?
Niicss Joined: 03 Oct 2005 Posts: 4834 Location: New Jersey 508.88 Dollars($)	Posted: Mon Feb 21, 2011 2:38 am    Post subject: Like 0 Dislike 0 If your property value is under 78% of the original loan value, then the lender will have to remove the PMI. He cannot reject that. You can list the property in the market and try to sell it off in order to get rid of the property. _________________ Good is the Enemy of Great.

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