What do you guys think about losing the PMI Purchased home 4/30/02 Price 154,000 Financed with Countrywide Mortgge 146,300 Currently Owe 144,800 House appraised at sale (4/30) 170,000 Market Appreciation 4.3% for area 7,300 Estimate Market Value 177,300 Current Mortage 144,800 + 20% = 173,760 Does it look like I can lose the PMI? Next problem Filed Chpt 7 2/03. keeping house never late on Mortgage. have been a customer with countrywide for 10 years (with a prior loan)
You might look at the fine print in your contract. The BK may put a kink in it--but thats just speculation. Worse case call and ask them before you spend a few hundred on an updated appraisal.
I just refinanced with Countrywide under a program called "Fast Track". It took less than a week for my appraisal and closing. You may want to call them about this prgram. I am not sure though, how your bankruptcy will fall into this. But you never know unless you try! Good Luck, Michelle
PMI is charged on loans more than 80% of the value of the home. Call CW and tell them you are under 80% and you do NOT want to pay the PMI.
Re: Re: PMI and Countrywide If I remember correctly it is charged based on the balance of the entire loan (annually).
Re: Re: PMI and Countrywide I did the 80/20 loan with countrywide to get around the PMI but just remember that 20% is a LOC which is revolving. Prepare for the annihilation of your credit score. I lost 84 points. Also, if you do this then go to upromise.com especially if you have children or plan to have children., IF you do not get your grandchildrens name down. IF not and you have friends with children go under them. Countrywide is a member and you can get cash back.
