Getting rid of PMI on Bankruptcy

[nursevil]

I have a question. I have bankruptcy protection under a chapter 13 bankruptcy and I have been making my payments on time but I think that Chase has me a month behind. I could make my payments much easier if I could get rid of the PMI. I already have 20% down and am wanting to know if the bankruptcy will keep me from getting the PMI taken off if I either get caught up or find out that I am not really behind? It is only a few hundred dollars a month but I could apply that to the principle or other bills. Thanks ahead of time.

[Brian B The Loan Professor]

I dont believe the BK will impact your ability to petition to have the PMI removed

What type of loan do you have? And do you have 20% equity based on what you owe vs. sales price - or what you owe vs. current value. Or is the plan to pay the difference in cash to get it down to 80% loan to value?

 

Brian

[nursevil]

The market value is 250k and I am down to 150k. I am one month behind due to bankrupcy but I am trying to get caught up.

[Lummy]

I would suggest looking at your PMI documentation to see what the criteria is in order to remove it. My PMI contract states that I have to be current on payments in the last 2 years before they would consider removing PMI.