What is the name of your state (only U.S. law)? Pennsylvania
We've been paying ahead on our mortgage, and we've reached the point where our LTV has dropped below 78%. We were under the impression that the law required the mortgage company to remove our PMI when that LTV level was reached. They are telling us that they will not remove it because our LTV was not scheduled to fall below 78 until 2020. My question is what does the law specify: that PMI be dropped when LTV falls below 78, or that PMI be dropped when LTV is scheduled to fall below 78, regardless of when it actually does.
I've been researching this issue online, and I've been surprised that this distinction is not really discussed, given that many people pay ahead on their mortgage, and this wouldn't seem to be an unusual issue. Any help or advice would be appreciated.
We've been paying ahead on our mortgage, and we've reached the point where our LTV has dropped below 78%. We were under the impression that the law required the mortgage company to remove our PMI when that LTV level was reached. They are telling us that they will not remove it because our LTV was not scheduled to fall below 78 until 2020. My question is what does the law specify: that PMI be dropped when LTV falls below 78, or that PMI be dropped when LTV is scheduled to fall below 78, regardless of when it actually does.
I've been researching this issue online, and I've been surprised that this distinction is not really discussed, given that many people pay ahead on their mortgage, and this wouldn't seem to be an unusual issue. Any help or advice would be appreciated.