Adding PMI
I'm wondering if anyone knows...
If you have a mortgage on a house and didn't have PMI because you had 20% down but the value of the property is now either at or below your mortgage, can the bank come back and tell you they want PMI involved?
This has come up because I received a letter from my bank stating I'm under insured for homeowners insurance according to the loan configurations. They are going by the value of the house 2 years ago. My insurance is based on the replacement costs of the house in todays market. So, I'm trying to figure out if I should just up the insurance and pay for it or let the bank know..yo...times have changed.
|
Welcome to City-Data.com forum! Make sure to register - it's free and very quick! You have to register before you can post and participate in our discussions with 700,000 other registered members. User profiles and some forums can only be seen by registered members. After you create your free account you will be able to customize many options, you will have the full access to over 15,000 posts/day about local topics and you will see fewer ads. 
Linear Mode
