Legal Question in Real Estate Law in Illinois
I have tried to get the PMI insurance cancelled several time from our Morgt. the Mortg Co has utterly refused to cancel the PMI stating that I have not yet paid 20% of our loan commitment which is not true the loan was only for $92,700. I have been here for almost 6yrs now and my payments for this property is $671.08 and I pay $671.53 each month from 4/2004 until now. I have never been late on my morgt.
I don't know what else to do! the morgt company is Dovenmuelhle Mortgage, Inc.
2 Answers from Attorneys
The cheapest thing to do is to file a complaint with the Department of Financial Institutions.
Assuming you have a thirty year loan and you not made any additional payments other than the extra 43 cents a month, your balance would be around $87,700. Your balance would need to be $74,160 for you to be at 20% and request termination of PMI. Currently your $671.53 payment is $97.09 applied to principal and $574.44 in interest (which is better than when you started in 2004 when it was $64.79 principal and $606.74 interest). So, less than $100 of your payment goes to reduce the principal balance each month.
However, assuming that you have been current on your payments, and your property has increased in value sufficiently, you may be able to get out of PMI that way. Your property would need to be worth about $110,000, and the lender can require you to provide appraisals to support that value.
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