Mortgage Insurance?

[momof3b1g]

Can someone help me with this? If my house is worth $137,000(appraised)
We owe $100,000 between 1st and 2nd mortgage. We are current on both.
We haven't signed a reaffirmation agreement on either.
Can we cancel our mortage insurance? We have an escrow account. Is that payment included in that? Who does the MI come from?

[LuciluS]

Under normal circumstances, the answer would be Yes, as you owe less than 80%. The PMI (private mortgage insurance) is included in you escrow account.

Your mortgage company requires a specific completed form along with a Certified Written Appraisal and dated within 30-90 (??not sure of specifics)days of your request We bought our home 12/20/07 for $119,400 and I believe our PMI is in the $60 range.

However, I'm not certain you will be able to delete the PMI as you did not reaffirm. Hopefully, a real estate agent will provide the correct answer.

I'm sure you've hear the old saying 'You don't know, until you try'. I would call your Mortgage Company and ask for the specific form. Complete it and mail the Appraisal CMRRR (Certified Mail..Return Receipt Requested).

Luci