This is a wierd situation and I’m gutted… I really just wanted to post here for some advice.
I was in the process of removing my PMI from my mortgage, it’s expensive, like $150 a month.. for nothing.. at least nothing that benefits me.
I hit 85% LTV recently and to remove PMI you have to be <80%.
I have money saved and also can have my house appraised as property values have skyrocketed in my area. I know I’m easily in <80% LTV.
Problem is, I was away from home when Chase bought my mortgage. I came home to a late mortgage payment letter from Chase. Super confused, because my mortgage wasn’t with Chase (the letter notifying me of the change was in my pile of mail I had yet to open).
So after calling Chase and panicking, because I’ve never been late with a payment in my life. They told me that chase cannot penalize me at all for 60 days after the mortgage has been purchased, as it’s the transition period and problems happen all the time.
They told me not to worry, no late fees, no reporting to credit agencies, I wont be penalized at all for this as long as I make the payments within 60 days. Which I did.
So, now I call Chase to remove my PMI, or to at least start the ball rolling and the account rep tells me he cannot start the process as I had a late payment within the last 12 months and I can’t remove it until February 2020. It’s a system block due to the late payment and his hands are tied.
I’ve sent an email to chase requesting clarification as from my understanding the 60 days grace period is mandated by law, and the lender cannot consider a late payment made within 60 days of the transition as a late payment.
Am I right here? Or did I just get screwed out of $1800 by chase?