Getting the Shaft from Chase

[UDT89]

Being an old WAMU customer I was told my PMI would be removed this past August when my LTV was 80%. They were going by my appraised value and my loan balance, which would give me 80% LTV. I even got a letter from Wamu letting me know after August's payment it would come off. I dont have the letter which is my fault...but in my defense there was no real reason to keep it, wasnt very informational other than what i just stated.

well chase says "I don't think so" They go by the purchase price???!!!! how is that possible? if you buy a foreclosed home or buy a beater home and renovate it to increase the value you're still stuck with the purchase price? that makes no sense.

I got my place three years ago and i live in an area by the water that hasnt been affected by the recent real estate drop-off. Sales are actualy slightly higher than they were 3 years ago

 

[bctbct]

It goes by the purchase price unless you decide to have the home reappraised.

 

[UDT89]

i really wish i still had that letter, they were going based on the appraisal i got when i purchased the home.

 

[DrOff508]

straight up shafted :thumbsup;

 

[tasmanian]

Thats what she said?

 

[OILFIELDTRASH]

If my mortgage tried that I would refi with another company. I just recently had my pmi dropped and I would of been pissed if they tried that.

 

[dartworth]

 

[bctbct]

i really wish i still had that letter, they were going based on the appraisal i got when i purchased the home.

The appraisal determines how much they will loan on the house, the PMI was based on how much you put down on the purchase price.

You can either pay down the loan to the 20% threshold or have the property reappraised to see if you now owe 80% of the appraised value.

Correct me if I am wrong but you want to call them and tell them a number so they will drop the PMI?

 

[UDT89]

The appraisal determines how much they will loan on the house, the PMI was based on how much you put down on the purchase price.

You can either pay down the loan to the 20% threshold or have the property reappraised to see if you now owe 80% of the appraised value.

Correct me if I am wrong but you want to call them and tell them a number so they will drop the PMI?

Not sure on that last part. I had got a letter on Wamu letterhead saying my PMI was coming off. Also when I used to log into my Wamu account a year ago my LTV was around 82%.

I just called Chase to ask about the PMI bc i went online for the first time since the change to chase and bc i havent got a statement yet.....they have no record of the PMI letter and they say my LTV is 86%.

I paid $210k it appraised for $225k back in 2007. so based on those numbers 80% works.....but since they go on purchase price its 86%.

I am really going to look into a refi. Im really unsure of how that all works, but i never liked chase and now im forced to deal with them.