Citimortgage Inc. Private Mortgage Insurance Ripoff Des Moines Iowa

I've paid 26% of my loan off. Citimortgage has acknowledged that I've paid off over 25% of my loan. I've never missed a payment. When I requested PMI be removed Citimortgage told me that I qualify, but I must pay $385 to get my home assessed to be sure that my home is not upside down. I purchased before the boom so I'm likely safe. However, they are fixing this from the beginning.

The assessor the will send me is not allowed to report ANYTHING to me even though I'm paying for this inspection. All of his materials and his report are ONLY communicated with Citimortgage. Citimortgage said that I'd be able to pick from a list of inspectors. Today I get one calling me out of the blue, no list.

The inspector's name is John Hinkley, which makes this even more ironic. This guy has nothing to prove he's even an inspector. No website. He's not registered with the BBB. I could barely find proof that this guy has a company online. This guy says he's going to look at my house and pick 3 homes from my neighborhood that have sold recently and he'll make his decision. This sounds like a set up for disappointment is on the way.

Going back to my original PMI conversations with Citimorgage they blatantly told me they don't even know what the Home Owner's Protection Act of 1998 is. They don't even acknowledge it. In the act, it states that anyone that has paid 22% of their loan off, PMI is automatically terminated.

Citimortgage is incredulous. I believe it's time for a lawyer.

I recieved the same letter and have been stonewalled by CitiMortgage. They are making statements which I believe are in violantion of the fairhousing act of 1998. and definetly not what I was told at the time of signing of the loan docs.

The people to start the process is Comptroller of the currency administrtor of National Banks: http://www.helpwithmybank.gov.

I would at least file a complaint to show that their practices are unfair if not illegal.

CitiMortgage has had many lawsuits, and have lost, due to the incompatance of their loan servicing practices and I wouldnt be suprised if they are playing the odds that we wont persue this.

As far as the 78%, I am at 77%, and they still refuse to remove the pmi.  I have reported them to the controller and am ready to take it to the next level.  If the protection act doesn't protect us what is it good for?

It sounds like you have gotten some bad information from Citi's customer service, no surprise there.  The way that PMI removal works legally is that the lender has the right to go off of the original sales price when determining your LTV.  What you contractually agreed to was that when the LTV of your loan in relation to the sales price was at 78% or lower that the PMI would be removed.  They are not legally obligated to recognize any improvements to the property or any independent appraisals that you have. 

Check the federal law: homeowner's protection act of 1998.  At 78% of ORIGINAL property value they are required to take off pmi on fixed rate mortgages.  I am at that  point and am waiting to see if they take it off.  I they haven't they will have to refund from the point of 78%.

I have use the property as a rental and they said that it would have to go down to 60% and the current property value.  I was told by a supervisor that it would come off at the 78% but I will believe it when I see it and I am getting read for a fight.

As far as I see If you have been in your house yours is a slam dunk and they owe you from the time of your 78%.  I would call Attorney general (federal), state DOJ, BBB, your congressianal rep. and look for any class action suits in progress. 

I am hoping that they play nice with me but if they don't I will make sure that they don't get away with this. 

We have had credit card reform, medical reform in progress, this could be next. 

Big business has gotten away with too much for too long and it time they start following the rules again!