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Subject:  Re: Plans for the New Year Date:  2/19/2001  6:01 PM
Author:  dianakalt Number:  58702 of 312189

Yes, my loan did have special requirements: I had to have made 24 full mortgage payments ON TIME, and have 25% equity of the current market value in my home to get PMI off; or, make 120 full mortgage payments ON TIME, and have 20% equity in my home; or, make 24 full mortgage payments on time, and have 20% in equity of the original market value (this would mean a payment of $14000 toward principal). The PMI laws were changed around July 1999, and one set of PMI rules apply to mortgages before July 1999, and another to mortgages procured after July 1999. At the beginning of the year I sent a request for PMI removal information to my mortgagor.

Hey InvestorGrrl,

Thanks for the information. I didn't realize that there had been a change in the laws a couple of years ago because I wasn't even thinking seriously about buying a house back then. You have officially enlightened me.


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