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Posting-Version: version B 2.10.2 9/18/84; site qumix.UUCP
Path: utzoo!utcs!lsuc!pesnta!qumix!len
From: len@qumix.UUCP (Leonard Labar)
Newsgroups: net.invest
Subject: re PMI issue
Message-ID: <1055@qumix.UUCP>
Date: Tue, 15-Oct-85 10:54:29 EDT
Article-I.D.: qumix.1055
Posted: Tue Oct 15 10:54:29 1985
Date-Received: Wed, 16-Oct-85 11:23:16 EDT
Distribution: net
Organization: Qume Corp., San Jose, CA
Lines: 11

Awhile back on the net someone posted an article that said something
like:  If you have an FHA loan and the loan balance or appraised value
is such that you're covered for 20% of the loan, then you can contact
your lender and ask to stop paying the mortgage insurance (PMI).  It
was based on a Jan. 1985 article in the Wall Street Journal.  I don't
know if different states rule differently but when I contacted my
lender they said that California didn't have such a law.  In essence
they said I would always have to pay the PMI.  Has anyone else had
experience with this?  I've considered waiting a year, getting a
written appraisal and submitting it with a certified letter to the head
office.  Is it still worth my trying?