close
    Private Mortgage Insurance (PMI) was set up on my mortgage for 7 years does it automatically come off with now that houses have upside down mortgages?

    +1  Views: 429 Answers: 1 Posted: 12 years ago

    1 Answer

    If you have no equity in your house, you cannot cancel the PMI. Your equity in the house must still get to be 20% before the PMI can be cancelled, upside mortgage or not.



    Top contributors in Home & Garden category

     
    ROMOS
    Answers: 100 / Questions: 0
    Karma: 5400
     
    Colleen
    Answers: 213 / Questions: 0
    Karma: 4025
     
    country bumpkin
    Answers: 23 / Questions: 0
    Karma: 2205
     
    Ducky
    Answers: 29 / Questions: 0
    Karma: 2160
    > Top contributors chart

    Unanswered Questions

    452061
    questions
    719627
    answers
    753020
    users