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From: ajs@hpfcla.UUCP
Newsgroups: net.consumers
Subject: Re: You may be able to cancel your Mortgage Insurance Premium
Message-ID: <42000013@hpfcla.UUCP>
Date: Tue, 17-Sep-85 17:47:00 EDT
Article-I.D.: hpfcla.42000013
Posted: Tue Sep 17 17:47:00 1985
Date-Received: Sun, 29-Sep-85 08:27:49 EDT
References: <292@cylixd.UUCP>
Organization: 17 Sep 85 15:47:00 MDT
Lines: 19

> ...FHA and VA homeowners may be paying that 1/2% Mortgage Insurance
> Premium unnecessarily.
>
> ...But this insurance doesn't have to extend for the entire life of the
> loan... You can write the lender and ask them to cancel the insurance,
> thereby eliminating the MIP from your monthly note.

Like hell!  I have a vanilla FHA loan issued some time back by a very
nice company.  When I wrote them about it, they essentially said "Sorry,
we have no incentive to drop the insurance".  Seems that they have total
control over it (do they?) and no reason to drop it.

What did I do wrong?  How can I *really* get it dropped?

Thanks,
Alan Silverstein, hpfcla!ajs

PS:  If this shows up as an orphaned response, (1) apologies and (2) please
let me know about it, thanks.


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