My home loan was transferred to Bank of America from Countrywide. I bought my home in 2007 prior to the housing and financial recession. Today my home is worth less than what I bought it for, but I need a place to live and have been paying my mortgage on time, and have been paying extra against my principal to reduce the overall interest & pay the house off quicker. I only put 10% down and at the closing my lawyer said once you've paid the additional 10% the PMI will be removed. When I reached the 80% mark I contacted BOA only to be told that I would have to have an appraisal completed and if my house went down in value they would probably not remove the PMI. Since most home in the US have gone down in value this seemed pretty ridiculous and I don't remember this fine print being mentioned at the closing. However the customer service rep at BOA said that once my loan went below 78% they would automatically drop the PMI.
I called again to ask for removal at 78% & got an appraisal form in the mail. I sent an email to them and asked why on my tax statement it said that they have the discretion to remove PMI at 78% if the loan is in good standing. I got an appraisal form in the mail. I sent them an email asking why didn't they remove the PMI since I'm now at 75%. I got an appraisal form in the mail. I called and after being transferred I spoke to a Deirdre who said she would speak with Escrow and see why the PMI wasn't removed. She was attentive for a few days & called me back to say they were still working on it. That was 10 days ago. She told me that the information on the tax statement was wrong, they only remove PMI at 78% if you live in NY. I said that was ridiculous, nowhere is that mentioned.;The largest bank in the US can't be that remiss in the wording on their website. Bank of America is the worst institution I have ever had the misfortune to work with. They do not follow the law & treat their customers like garbage. Disgraceful!
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