PMI rip off

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I purchased my home in 2007 and the loan is an FHA. Countrywide rep told me I had to include PMI in my mortgage. I just discovered that FHA loans do not require PMI because the loan is guaranteed by the government. I have been paying this PMI fee for almost 5 years and I have tried to eliminate it over 5 years. B of A had the loan and every time I spoke with a bank rep I was told the same old story and sent a form letter. I just discovered that a lawsuit has been settled with Countrywide/B of A as of Dec. 19,2011. This practice was deemed illegal and settlement funds were sent out. My question is, do I not include the PMI payment on my January mortgage payment? I have sent a letter to the new servicing company because B of A sold my loan as of last month. I would like to have all my PMI payments reimbursed because of this practice of theirs. As consumers, we seem to have no rights with the mone we have earned and the banks are stealing from us through this practice. Can someone advice me of my rights as a ripped off consumer?

[TomEason]

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Thanks for your post and welcome to Loansafe. You might consider suing BOA in Small Claims Court for the amounts you are owed. It's my understanding that equity matters can now be brought in SMC. An example is a "breach of contract" action.

You might also have cause to consider a criminal complaint against BOA nee Countrywide.

[cali92262]

I thought FHA loans had MIP (mortage insurance premium) not PMI (private mortage insurance). Not sure if this would apply to your particular loan situation.

I purchased my home in 2007 and the loan is an FHA. Countrywide rep told me I had to include PMI in my mortgage. I just discovered that FHA loans do not require PMI because the loan is guaranteed by the government. I have been paying this PMI fee for almost 5 years and I have tried to eliminate it over 5 years. B of A had the loan and every time I spoke with a bank rep I was told the same old story and sent a form letter. I just discovered that a lawsuit has been settled with Countrywide/B of A as of Dec. 19,2011. This practice was deemed illegal and settlement funds were sent out. My question is, do I not include the PMI payment on my January mortgage payment? I have sent a letter to the new servicing company because B of A sold my loan as of last month. I would like to have all my PMI payments reimbursed because of this practice of theirs. As consumers, we seem to have no rights with the mone we have earned and the banks are stealing from us through this practice. Can someone advice me of my rights as a ripped off consumer?

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I thought FHA loans had MIP (mortage insurance premium) not PMI (private mortage insurance). Not sure if this would apply to your particular loan situation.

I, apparently, am paying for both.

[cali92262]

If you're paying for both, I hope you can getting your money back quickly, and then some! Best wishes!

I, apparently, am paying for both.

[Jeffrey L. Shurtliff]

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You might also have cause to consider a criminal complaint against BOA nee Countrywide.

There is much case law in state and Federal court that there is , "no private right to action to punish the bank in a criminal action." I have personally asked for this right in state and Federal Court and it was denied.

[TomEason]

There is much case law in state and Federal court that there is , "no private right to action to punish the bank in a criminal action." I have personally asked for this right in state and Federal Court and it was denied.

Hi Jeffrey

You would certainly know about that! That remark of mine was no doubt the result of fuzzy (and wishful) thinking, LOL.

[Jeffrey L. Shurtliff]

Hi Jeffrey

You would certainly know about that! That remark of mine was no doubt the result of fuzzy (and wishful) thinking, LOL.

I would also hope that there will be a right to private action in the future as these banks have already enacted throught the courts that they are citizens. These so called corporate citizens operate under different laws. People are slowly finding out about this and the Rage grows for change.
I am glad you are keeping up the good work you do here! Happy New Year to you.

[TomEason]

I would also hope that there will be a right to private action in the future as these banks have already enacted throught the courts that they are citizens. These so called corporate citizens operate under different laws. People are slowly finding out about this and the Rage grows for change.
I am glad you are keeping up the good work you do here! Happy New Year to you.

Thanks Jeffrey, and Happy New Year to you as well!

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Thank you all for your input. I won't give up.