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by CareyBot

DEAR BOB: What is the difference between PMI (private mortgage insurance) and MIP (mortgage insurance premium)? After paying nine years on my FHA mortgage, I have tried to get my MIP canceled. But I have been told I can't get it removed. I paid $70,000 for the house and it now appraises for $137,000 so MIP clearly is not needed by the FHA. How can I get my MIP canceled? --Glenda G. DEAR GLENDA: Forget about canceling your MIP on that FHA mortgage. In your situation, where the FHA clearly doesn't need your MIP to protect its mortgage if you should default, you are being ripped off every month you pay that extra cost. Purchase Bob Bruss reports online. However, the only way to get rid of MIP is to refinance with a non-FHA mortgage. CAN ONE SIBLING FORCE THE SALE OF AN INHERITED ...