Legal Provisions about PMI?

[Brown]

Hello,
I have been paying PMI (Private Mortgage Insurance) for about 3 years now but now I realized that my payment only protects the lender. I would like to know about the legal provisions as regards this. Does any one have any idea? Thanks in advance!

[diane.jsmith]

Well the PMI payments are supposed to be dropped from your mortgage when your LTV falls below 80% and as a homeowner you should be aware of Homeowners Protection Act of 1998. I would also suggest you to visit the site PMI Insurance |What is PMI | Private Mortgage Insurance which maintains a lot of information regarding PMI and I am sure you would be able to find the answers to all your queries regarding PMI and your protection out there! Happy Holidays!

[Rose_martin]

Thanks for the information , i will definitely watch your site that you have provide through the URL.
thanks