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Another PMI Story with Happy Ending

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Joined
Jan 16, 2002
Some may remember my previous rant about how PMI cannot be removed by market appreciation (post turned into a cyber brawl).

Today I received a thank you letter from property owner (how rare is that !). Anyway, he recieved a refund for 10 months worth of PMI after filing numerous complaints with state banking commish, CEO, and CFO
at Indy Mac. The whole thing got complicated when lender originally sent "skippy" from out of town who apparently had no clue as to the area market. When lender received my report they couldn't believe disparity
in value estimates. It seems "skippy" used smaller, 1900 era, 2 bedroom,
colonials, in poor condition for a larger, 3 bedroom, modern ranch (on the grounds that they had close proximity and were therefore more comparable).

Anyway, long story short - lender caved to pressure, owner got PMI removed and refunded, and "skippy" is looking to get one on some other
approved list.
 

larryhaskell

Senior Member
Joined
Apr 23, 2002
Professional Status
Certified General Appraiser
State
Nevada
Good job Joe. In a world that seems to have a lot of negatives, it's always good to hear this kind of story.
 

Karl

Elite Member
Joined
Jan 15, 2002
Professional Status
Licensed Appraiser
State
Arizona
Makes it all worth while when U see a story like this. Alway wonder when doing it the hard way will pay off. Congradulations!
 

Farm Gal

Elite Member
Joined
Jan 14, 2002
Professional Status
Licensed Appraiser
State
Nebraska
:angel: My Hero!

Did it right and it WORKED!!

~~~~~~
:2gunfire: Skippy!

Long may he roam looking for new clients,

or do I mean short may he roam?

err... Best he jsut find a new job description, I hope he doesn't go into home inspections 8O
 
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