Legal Question in Real Estate Law in New Hampshire
private mortgage insurance
I recently refinanced my mortgage loan.
My original loan had a pmi disclosure in the contract
and I was paying this with
my payment for four years.
When I recieved my refinance,no disclosure form was in the contract and the contract had n/a next to pmi.I did not put a down payment of 20% down on the refinance either.So far I have not recieved anything from my mortage company saying I should be paying pmi.I am
wondering if they have to have this disclosure form in the contract for me to be liable to pay the pmi?
1 Answer from Attorneys
Re: private mortgage insurance
In general, this (residential mortgages) is a highly regulated area of law, requiring substantial disclosures. Depending upon where you are in the transaction, the lender may or may not have waived PMI. It is not clear from your posting whether the loan has already closed and been funded, a point at which it becomes more difficult for the lender to "change the rules."
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