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Path: utzoo!watmath!clyde!cbosgd!ihnp4!ihu1m!dumelle
From: dumelle@ihu1m.UUCP (j. dumelle)
Newsgroups: net.consumers
Subject: Mortgage Insurance
Message-ID: <715@ihu1m.UUCP>
Date: Fri, 11-Oct-85 09:28:09 EDT
Article-I.D.: ihu1m.715
Posted: Fri Oct 11 09:28:09 1985
Date-Received: Sat, 12-Oct-85 19:43:54 EDT
Distribution: net
Organization: AT&T Bell Laboratories
Lines: 18

There was a discussion some time back where Dave Kirby wrote an
article regarding FHA and VA Mortgage Insurance (1/2%) and that homeowners
may have been paying this premium unnecessarily. Well needless to say it
got me in the letter writing mood. I am well beyond the 10% down payment on
my home, as a matter of fact I'm around 40% paid. Below is the response I
received from my mortgage company and my question is what's my next move?

Thank you for your recent inquiry regarding the elimination of your
FHA insurance.

Unfortunately, we must deny your request to eliminate your FHA insurance
from your monthly payment. It is the policy of GMAC Mortgage Corporation
to retain the FHA insurance requirement throughout the life of the loan.

Should you have any further questions in regards to this matter, please do
not hesitate to contact me.

Sincerely