Ever Home Mortgage, Ever Bank ripoff refused to follow the law, breaking homeowners protection act Jacksonville Florida

Everhome, Everbank bought my mortgage from Flagstar bank back in March of 2006.

I have been putting extra money on my principal every month, with the hopes of dropping my pmi ( they are charging me 257.77 per month on a 74,000 house.) Please dont bash me, I know I signed the papers, and I agreed to that amount, it was better then not purchasing the house at all.

The homeowners act of 1997 states that pmi will automatically be dropped when the principal balance hits 78% loan to value..the only exception is if your considered high risk. ( I am not, and my contract clearly states that my loan is not high risk.)

I called everhome, everbank to put in a request for my pmi to be dropped, and I was informed that I had to fax them a letter of request. ( I did so)

Two weeks later, I recieved a two page letter telling me that when my balance hits 75% loan to value, and I pay 400.00 for a appraisal, they will consider dropping my pmi. It states very clearly that paying the additional four hundred for the appraisal does not guarentee they will drop my pmi.

I do not understand how they can get away with this, The law states clearly that it will be droppped at 78% loan to value, with no mention of another appraisal, and they are telling me I have to pay down to 75% and pay another four hundred on top of that, and they still will not guarentee my pmi will be dropped.

My income has taken a major hit in the last six months, and will take another one in the next two months, this additional 257.77 per month is more then I can handle, and they are breaking the law, by refusing to drop it when I hit 78%, I called a local real estate attorneys office, but they will not return my calls.

Any suggestions would greatly be appreciated, I apologize for the long post, and I appreciate your time in reading this.

Paige
Yeagertown, Pennsylvania
U.S.A.