Legal Question in Real Estate Law in California
I bought a house 9 month ago and I am paying PMI. Now my property is appraised 30 % more of the value. I sent the appraisal report to my lender and asked to cancell my PMI, but they said they cant cancell it because it hasnot been 12 month since the purchase date. I know that as soon as you have 20% equity you can cancell the PMI. Is there such a law, that only after 12 month of the purchase date buyers can cancell the PMI (of course if they have 20& or more)?
Asked on 8/07/09, 2:22 am
1 Answer from Attorneys
The lender may be referring to (confusing?) the "good payment history" requirement that the borrower has not made a payment that was 30 days or more past due within 12 months of the cancellation date.
Answered on 8/07/09, 1:08 pm
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