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Date Posted: 12:14:10 06/07/07 Thu
Author: Waldo
Subject: I need a real estate attorney...

Believe it or not, I do.

LS, I'm trying to convince myself I understand the Homeowner's Protection Act (PMI Act) - is this an area of expertise for you? I'm having a disagreement with my mortgage company based on whether or not I need an appraisal to have my PMI deleted. My understanding is that at 80% LTV based on the original purchase price, they can consider my request but can require an appraisal - but at 78% LTV based on the original purchase price they have to cancel it automatically, and I shouldn't need an appraisal?

Are the rules not different at 78% vs. 80%? Can they still require this?

Obviously I reached the lower number before I requested - it may not sound like a big deal, but a) I don't want to pay for a $300 appraisal if I don't have to, and b) I'm a little worried that I may have seen a slight decline in property value. If I can do this without an appraisal I want to. This is worth a little over a hundred bucks a month to me.

If I am right and a rep from the PMI department at the mortgage company (a big national name, no less) tells me I'm not, what do I do? Pay for an appraisal anyway?

If this is outside your area, don't feel obligated to scare up an answer, just kind of looking for a push in the right direction. For anyone else who's still reading after all this - I still love boobies!

W.

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