Report: #306777

Complaint Review: ERA Mortgage ,Cendant

  • Submitted: Wed, February 06, 2008
  • Updated: Wed, February 06, 2008
  • Reported By: West Milton Pennsylvania
  • ERA Mortgage ,Cendant
    PO Box 5452
    Mt. Laurel, New Jersey

ERA Mortgage ,Cendant, PMI rates are extremely high / as well as escrow accounts. Mt. Laurel New Jersey

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ERA Mortgage does not inform the homeowner of the PMI costs until closing. I am a single mother of two, and I was informed that PMI was my home insurance. So, I assumed it was homeowners insurance when I applied for my home loan. Later, you are told you must have this until you have the 20% equity in your home and are not given the opportunity to choose your own PMI rates. I pay over $1500 a year for PMI. My homeowners rates are not even half of that amount.

Its very sad with the ecomony right now and homes not increasing in value in depressed areas that you continually have to pay this outrageous rate. The fee could be put on the principal. Why are the rates so outrageously high.

West Milton, Pennsylvania
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This report was posted on Ripoff Report on 02/06/2008 04:08 PM and is a permanent record located here: The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

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