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I am forced to pay an extra $50 a month on my mortgage for PMI. This "Private Mortgage Insurance" goes to the banks to recoup losses due to foreclosures. What did Triad and other PMI Providers have to do for this bail-out? Is this just a bogus surcharge? Why didn't they fulfill their insurance obligations? I am about to start working on a class-action suit for this bogus fee.
So why not take the $50 a month and put it towards my balance so I don't owe as much? That way I will have an 80% or less LTV. I understand the reasoning behind have PMI. I know this doesn't protect new-jersey from foreclosure, it is insurance for the bank. I have never been late with a payment for the 3 years I have owned this place. Seems I am being punished for everyone else.
Well, PMI only pays out AFTER THE HOUSE IS FORECLOSED. And we're not talking about houses that are getting foreclosed on here, we're talking about the issue of no one wanting to buy the sub prime mortgage. It's not the HOUSE causing the issue! It's the fact that no one wants to buy the mortgage - meaning that the paper value of the mortgage, is ZERO. No market value. It's still WORTH something! People are still paying their mortgages, and the property the mortgage is on, is still WORTH something! So it's all a PAPER loss, not a real loss. PMI is only to cover the mortgage holder for a loss, AFTER FORECLOSURE. It doesn't "guarantee" that someone is willing to buy the mortgage papers. Which is what the deal is about. The american taxpayer, is being punished here. The "issue" is, the American government (congress, senate, and president) want credit to still be available, to people who are not credit worthy. So, in order to keep being able to give loans to high risk people who can't afford the loans, we're somehow going to cough up $700,000,000,000. Me, personally, I don't want to cough up that money for a bailout, new-jersey a cash payout to people with mortgages. I think that people who have spent beyond their means need to face the natural consequences. Because now, the GOVERNMENT is spending beyond it's means, and the consequences for THAT are really too horrible to think about.
Because PMI insurance only covers about 25% of the homes that got foreclosed. PMI is only required when the amount of the loan is more than 80% of the appraised value at time of purchase. Many people have been able to pay down mortgages to below 80% or the appraised value increased so they had at least 20% equity, which means they were able to drop PMI. However, many folks then went out and borrowed on that equity or the market value dropped below the balance on the mortgage, wiping out their equity. When the balloon payments came due, they had no PMI and no way to pay for the increased payments or the balloon, and hence foreclosure. Here's a story covering your question:
Same story as AIG. AIG insured a bunch of mortgage-backed securities and when they all went bad they couldn't afford to payoff the financial companies that bought them. new-jersey companies didn't have the funds to payback either because too many went bad. As a result, now new-jersey is tougher to get. I work for a lender and our new-jersey companies don't offer it to people with under 680 FICO or over 95% LTV. It's not bogus, it's a hedge against default. Generally a person who doesn't have the financial capability to save 20% down payment before buying a house probably doesn't understand fully their investment in a home or understand how to afford all the costs of a home. Under normal circumstances, the extra you pay is just a hedge against your financial situation- which is usually worse if you don't hae a 20% down payment. At the center of this current crisis though are people with mortgages at 80% or below AND secondary financing such as a HELOC- they did this as a way to get around the new-jersey payment. This scheme needs to be better regulated.
When a bank liquidates a property that has been foreclosed on, and PMI was carried on that property, the insurance company will pay the bank any shortfall in what the property was sold for and what was still outstanding on the mortgage. The problem is, banks are repossessing properties, but are having a hard time liquidating them at all. So until they do, PMI pays nothing.
Most of the subprime loans (80/20 dual loans) did not have PMI - the dual loan scheme was a way around it, thanks to our government.
If you are confident about the obligations the just walk into the office and talk to the Head of the unit along with the agent.Do not walk out of the office without an answer.