Posted by ScottE on March 24, 1999 at 16:01:25:
Any RE atty’s out there? - Posted by Dave Smith in Dallas
Posted by Dave Smith in Dallas on March 24, 1999 at 13:53:13:
I know there is a gov’t ruling regarding PMI being dropped
at 78% LTV (read it in a mtg.tax book at bookstore)but is
it MANDATORY that the payer let the Mtg.co. know the loan
is at 78-80% LTV? According to this book the ruling overrides mtg.co policy–the PMI HAS to drop at 78% LTV.
My dad is getting ready to pay off a 30 yr. mtg. and I
noticed that he had been paying PMI the entire loan.SOOO,
I talked to the mtg.co. and they said “no” reimbursement.
I mentioned “my atty” and informed them of the gov’t ruling
and they became quite friendly and asked me to submit a
letter for reimburs. So before I blow too much more smoke
I wanted to get the facts straight-anyone out there know
where I stand?
Thanks for any help.
Dave Smith in Dallas