<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by fmalgiog:
I bought my home for $158,000 3 years ago and took out a mortgage for $150,000. The house market in my area has been booming over the past few years and I know that my house is now worth about $185,000. The balance owed on my mortgage is $145,000. In order to meet the 20% equity rule for ending my PMI payments the value of my house would have to be $182,000. I called up my bank to tell them I wanted to drop my PMI because my house had appreciated enough to satisfy the 20% equity. They told me that I had to pay 20% of the mortgaged amount and not the house value. Is this true. If not, what government agency can I call to straighten this matter out?<HR></BLOCKQUOTE>
My response:
Please look at the top, left, corner of this page. It says, "State Laws vary greatly. Include your state in all postings."
A lot of you have "State specific" questions, yet you good folks are not reading, and FAIL to tell us your State. We cannot help you with anything but "general" concepts of law if we don't know your State, and "general concepts" may HURT YOU.
NOTICE:
Therefore, this writer will, from now on, IGNORE all questions and entries unless they include your State.
IAAL
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