Forum Rules (Everyone Must Read!!!) (updated: 04/28/2015)

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  • Pmi

    Does anyone know if its possible to get rid of PMI while in chapter 13. My home value has increased and along with the mortgage principle reduction I am below the 80% mark. Or maybe it ppossible to refinance to get rid of PMI?

    Thank you

  • #2
    Hi, hcorreia1, I am not qualified to definitively answer your question but like you I am stuck with a monthly PMI charge which tacks an additional $252 on to our already high mortgage payment. My understanding is the PMI can not be removed while you are in an active BK13, even if you are above a 80% ratio in value (meaning your home has increased so you have 20% equity) . I do not know if you can refinance and remove the PMI charge or not, and if you can, again my understanding is the trustee would automatically seize the proceeds to repay your creditors (i.e. raise your payment since the savings each month would be considered disposable income , which a Chapter 13 doesn't allow you to keep.)
    Please some one with more legal knowledge, please answer!


    • #3
      My understanding is the PMI can not be removed while you are in an active BK13, even if you are above a 80% ratio in value

      So does Ch13 negate the PMI law? I know legally it has to be auto removed once you hit 78%.


      • #4
        Again, I'm not really qualified to answer ,but as I understand it while you are bankrupt you are considered a bad credit risk to the lender, hence the inability to refinance and remove the pmi.
        Our FHA loan says regardless of perceived value you have to pay for an appraisal (which we did in late 2015 using the same lender we currently have -and boy,were we swindled on that deal : long story short, my mother died 3 months later (taking with her more than $700 in badly needed house hold income) after we had refinanced at a higher interest rate and brought $1800 cash to the table(to remove the pmi since our appraisal fell short of about $7000 of, what we needed), we sold the house for a loss of $20k in August 2016 and got a tax refund (in 2017) because of "lost mortgage points", paid off $58K of the $100k we spent (on CC of course! ) to update and bring up to code a shabby, shoddy and poorly maintained 1963 "basic starter" home, used the rest of the proceeds to put a down payment on a much better house (with out all the updates) and then had to file BK13 in Feb.2017 because we couldn't pay the remaining CC debt and the higher mortgage!
        My advice:be sure you plan to stay in the house after removing pmi, because if you sell in less than 2 years (so we were told by our new realtors after the fact) you lose money on the deal (as we did).
        I hope this helps you avoid one of the many mistakes we made in buying, fixing up and finally selling the worst fixer up house for many, many miles!
        Last edited by Barbisi; 07-11-2018, 01:43 PM.


        • #5
          hcorreia1 - are you in a 100% payback plan?? If so, talk to your attorney about getting permission to do a refinance. If you are already paying 100% the trustee should NOT take
          the savings. That's only for a 100% plan (I know because my attorney talked to me about it). If you are in a less than 100% plan you would have to hand the savings over for distribution to your creditors.
          As for that 78% rule, I need to check that out. I have never heard of that. I also know if you don't ask about removing it, it won't happen automatically. I don't think the lending institutions watch the housing values of all their properties, you have to bring it to their attention.
          Filed Chapter 13 - 07/20/12
          Discharged 8/2/16


          • #6
            Yeah I am in a 100% plan but also paying into the plan is missed mortgage payments. My credit is still not yet recovered somewhere in the 600 range not sure if refinancing is an option.

            Thank you for the feedback


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