Loading Scampede…
Private mortgage insurance (PMI). I have a loan through Bank of America and have paid on it for 220 months out of XXXX total. I have never missed a payment. The original amount was {$99000.00} and the balance is {$70000.00}, meaning I am at a 70 % of loan value, significantly under the 78 %. I have repeatedly requested that the PMI be canceled. The bank initial said that there was a mandated time that the PMI had to remain per contract, even though the loan-to-value was under 78 %. Now that the time period has elapsed, the bank says that I must pay them to pay for an appraisal before they will cancel. Under this theory, the bank will NEVER be required to cancel the PMI. While I understand that informal valuations are not permitted, a XXXX estimate is {$140000.00}. It is disingenuous to hol