Mortgage PMI

ComplaintsBanksBank of America

Complaint

0
Jim McDonald
Country: United States
My orginal loan was through BOA.  I refinanced through them and they added PMI onto my monthly payment.  I requested after the first year to have the PMI removed.  They sent me a letter stating that I had to be 2 years into the loan OR have it paid down to 80% of the orginal loan value at closing.  It states that clearly in the letter.  I have met both requirements now, and again asked them to remove the PMI.  Now they say I have to have another appraisal done, at my expense to be sure the house has not depreciated. Additionally, they require me to use Land Safe which is one of their subsidiaries.  Of course if my home does not appraise high enough, I will have to keep paying the PMI and be out $440 for the appraisal.

Have you noticed that Bank of America's acronym is  BOA, a large predatory snake that squeezes the life out of its victims?

Comments

  • 0
    Rob Ridenour
    exactly the situation i am in.  sitting on interminable hold right now, infuriated that now - five months after i reached the benchmark to end the PMI - i have been told that i have to get an appraisal from LandSafe.  this is the first time i have been told that, though i have been asking for months to have the PMI removed.  
    wish the government wasn't bought by lobbyists and someone could protect its citizens from these crooks.
  • 0
    james
    rip off just rip off this is illegal never take a loan from BOA and I will advice my relatives and friends not to do bussines wit this company.

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