We possess Just One home being an investment house. The mortgage with this home happens to be used by Citimortgage. We bought the house 2 yrs previously for $200,000 and required financing for $180,000. On July 7th of we delivered a primary curtailment of $70,000 in addition to a look for $500 to truly have the mortgage re-amortized. Combined with the check, we delivered a notice requesting the PMI to become eliminated, because our loan-to-value might have instantly decreased significantly.
We received a notice from CitiMortgage declaring that the evaluation is needed to take away the PMI from our mortgage. Well, we approved that and settled $385 for an evaluation. The evaluation returned lower, not surprisingly within this marketplace, to $185,000. We're being informed the PMI can’t be eliminated because the house worth decreased. This appears like a ridiculous debate to us. Your present estimated price is $185,000 (evaluated by your lender lately) and our mortgage amount is $110,000, meaning our loan-to-value is under 60%. We're totally confused why we can not obtain the PMI eliminated thinking about the substantial decrease in loan-to-value.
P.S. This mortgage was initially from ABN AMRO.
We've approached my local elected official to appear into this. But there's been no improvement to date. They've submitted a with "Comptroller of the Currency, Manager of National Banks". The standing hasbeen "You situation has been examined" for that previous a few months.
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