Agent

Lender demands PMI despite 50% equity

When loan is sold to new lender, do rules change?
Published on Jun 9, 2008

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by CareyBot

DEAR BENNY: My mother-in-law's mortgage was sold to another lender. The new lender is asking for PMI, which was not required by her previous lender. She has more than 50 percent equity in her home. She really cannot afford the PMI. Does the new lender have this right? What are her options? --Craig

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