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Kathie Wygant
2 months ago
-instead of a mod they redid my loan again for 30 yrs and added PMI again. No new appraisal was done and I was well below my LTV-should I have been charged PMI again? I am told I have to pay this again for another 5 yrs. I think I was ripped off.

When I inquired about this all they did was resend me my paperwork and said I had to pay another five years of PMI. I don't think this is right. How can I go about getting this resolved?
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Best Expert Answer
Joe Wallace
2 months ago
Do I understand your question correctly that the finance company did not do a loan modification but rather refinanced your loan? What is the date of the new loan?

Also, what type of loan did you get refinanced into? FHA, conventional? That would affect the requirement for either Private Mortgage Insurance (for conventional loans) or Mortgage Insurance Premium (MIP) for FHA mortgages. The difference between the two is important to answering your question. Most new FHA loans will require a mortgage insurance premium for 11 years or the lifetime of the loan depending on the loan. Lender standards and state law may also apply.
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Corey Vandenberg
2 months ago
I would be glad to consult on this, please have a current mortgage and escrow statement handy
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