Loan servicing, payments, escrow account

Posted on Posted in Complaints, Mortgage

review

I am writing to request your assistance in getting the PMI off my mortgage loan.
In XXXX, with the help of my family, I bought a home for myself ( a single mom ) and three sons The mortgage was in the name of XXXX & XXXX XXXX ( my sister and brother-in-law, with my name on the title ) ; the amount of the original mortgage was {$120000.00}, including home owners insurance, interest and PMI.
At the time of the closing, we were told the PMI would be automatically dropped once I established a consistent, timely, and good payments ; probably within two years In XXXX, the housing market fell, and like many homeowners I now owed more than my house was worth Unlike many homeowners ( or banks ), I did n’t walk away from my responsibility I kept making payments However, now the PMI had a new rule : the house had to be paid to 20 % of its original worth, in order for the PMI to be dropped. Since my house was now worth little more than half of what we originally paid, this goal was no longer an option.
In XXXX, we refinanced {$97000.00} for a lower interest rate The lender was Green Tree Servicing LLC, XXXX, XXXX , XXXX XXXX, MN XXXX Account # XXXX. Again we were told the PMI would automatically come off after a history of payments was established. After refinancing, we also put an upstairs addition on the house, adding XXXX bedrooms and another bathroom, paid for with my own money.
In XXXX, my loan was sold to and is currently : Ditech, XXXX XXXX XXXX XXXX, XXXX XXXX, MN XXXX, ( XXXX ) XXXX. Monday-Friday XXXX ; Saturday XXXX XXXX Account # XXXX.
My Mortgage started at {$120000.00} today the balance is at {$77000.00}. In fourteen years, I have not missed a single payment, nor was I a single day late. In fact, for the past two years, I have been putting approximately {$100.00} extra a month on the principle of my loan.
This time when I called to have the PMI removed, I was told I would have to pay {$1000.00} to have one of their appraiser ‘s come out to access my home. This is almost equivalent to a year of PMI! My understanding has always been that the lender would drop the PMI automatically, when the balance of my mortgage fell to 80 percent of the original value of my home.
I feel victimized. There does n’t seem to be an end to the PMI on my mortgage. The finish line keeps getting pushed away. The rules keep changing.
I would greatly appreciate your assistance in this matter. If you need additional information please call me at ( XXXX ) XXXX. Or email me at : XXXX.
Is n’t it odd that my mortgage was sold to a company that exists at the same address as the previous company??
Thank you for your assistance in this matter.
Sincerely, XXXX XXXX

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