Our CH7 was discharged in March 2009. We stayed in our home but did not reaffirm. We are currently paying PMI to the mortgage company (Wells Fargo). Our house was IIB. We have less than 10% equity in our home. Can we still get rid of PMI since the house was IIB?
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Filed Ch 7 Petition: 12/17/08
341 Meeting: 01/14/09
Discharged: 03/18/09
Closed: 03/18/09
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I'm a bit confused as PMI (private mortgage insurance) is usually included in your mortgage payment.
Are you paying a monthly premium separately?Filed Chapter 13 02/2006 - Confirmed 05/2006 - Discharged 09/2011
I'm not an attorney. My replies are merely suggestions or observations, not legal advice. As always, consult with an attorney before making any decisions. -
Doubt it seriously, that is part of your required payment. No, you don't HAVE to pay it because you IIB and did not re-affirm, however.....if you don't you will not be living there unless you re-neogiate with WF.New Orleans: Home to the World Champion Saints, the biggest enviromental disaster and the biggest natural disaster in the history of this nation. Proud to call it home!Comment
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The PMI is included in our mortgage payment. It's just that on our monthly mortgage statements, Wells Fargo always splits our payments into the amount paid for principal, escrow, and PMI.Originally posted by newbie2 View PostFiled Ch 7 Petition: 12/17/08
341 Meeting: 01/14/09
Discharged: 03/18/09
Closed: 03/18/09Comment
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Nope. PMI is not a debt in a bankruptcy sense. Just like with your car insurance, you are paying for "something"; you are not borrowing money. Thus, you cannot get rid of PMI in bankruptcy (unless you surrender the home
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