In I purchased a Single Dwelling home with Principal Mortgage Group Inc. As the lender, at this time my original loan documentation showed my LTV requirements must be at 80% to request deletion of my PMI, or that it would automatically be deleted when the LTV reached 78%.in CitiMortgage bought my loan from Principal Mortgage Group.in I requested CitiMortgage to cancel my PMI, but it was denied this request; they stated my loan needed to be at least 2 years old (which it was) and that my LTV requirements was 70% instead of 80%. These are not the particular terms I originally contracted with Principal Mortgage Group INC. On my latest request to CitiMortage I am informed that the PMI removal now requires a 65% LTV. Where does this end?
As time progressed the value of this home has appreciated with the continuing improvements I make to this property such as now roof 3/09, covered patio 4/09,
Carpet and painting inside and out 1/08, and ceiling fans throughout 10/07. My respected loan payments have always been on time. However, CitiMortgage continues to deny my request for PMI cancellation unilaterally (non-contractually) tightens the requirements for my PMI deletion. I have written several letters and made many telephone calls to CitiMortgage trying to resolve this issue and have not received any satisfaction.
Responses from CitiMortgage are slow at best and sometimes completely absent. With every phone call I make, I am rudely told that I must contact another department, that the department I reached has no authorization to address this matter. Moreover, I am never given any valid identification of whom I have spoken withonly a first nameor whenever I'm supposedly being transferred to another department the call is dropped or it too becomes just another dead-end.
I have repeatedly asked them to send me a copy of the rules, regulations, and policies addressing my PMI coverage and I am continually referred to another party who I'm assured will be able to help me, only to find out that I was just passed along to someone else with the same story. CitiMortgage has forgotten Customer Service and seems intent on making it virtually impossible for anyone to obtain a reliable, accurate, or validated response concerning their loan. There are numerous web-blogs attesting to this and the rhetoric can be easily summarized to state, CitiMortgage won't give a straight answer, their methods are unfair, untimely, inconsistent, unethical, and perhaps even criminal.
I am not reaching out to the regulators that oversee CitiMortgage for help to put an end to this treatment. The subject property has recently been appraised at $90,000.00 with a current loan balance of $63,993.00; this is a 70.5% LTV, well below the 80% PMI requirement I originally subscribed and contracted to when financing this home. Please provide me with any information, such as: the governing regulations concerning my PMI, phone numbers at CitiMortgage of those who will identify themselves properly and can act with valid authority concerning PMI deletion, or any other avenue I might use to end this dilemma.
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