Legal Provisions about PMI?

Hello,

I have been paying PMI (Private Mortgage Insurance) for about 3 years now but now I realized that my payment only protects the lender. I would like to know about the legal provisions as regards this. Does any one have any idea?  Thanks in advance!

Dear Chris,

This forum is specific to medical insurance as it relates to weight loss surgery or other treatments for obesity. I doubt anyone here has any expertise about PMI, we're only laypeople with opinions about WLS and med insurance. But then again, you probably won't get any response since it's not medical insurance or WLS related.  You might want to try Law.com or google for legal advise about PMI to get to a site that might actually be helpful. Good luck, anyway Kahlua

Try contacting your mortgage lender.  PMI is to protect the mortgage company since you do not have at least 20% equity in your home (the standard amount to avoid paying PMI).  This is can be avoided by putting 20% of the purchase price as a down payment when obtaining your loan. So, contact your bank as to their standards for removing PMI.  Many times, the property value will rise enough over several years that you can remove the PMI after having your home re-appraised. The cost of the appraisal is easily recooped by not paying PMI. Good luck, Cyndi (wife of a Realtor and appraiser)