I’d love to know how common it actually is for someone to just pack up their house and decide to just quit on their mortgage, thus making PMI insurance actually get triggered.
Don’t they do a valuation if you try to use equity in your house for a loan? I should apply for one, I bet the valuation would magically be $20k more for that.
Is what it is I guess. My credit was so high my PMI is only like $70 a month. I don’t really want to yank out a bunch of money from my emergency fund to buy out the necessary equity to be at 80%, but I figure if some emergency happens to need that money I could trot down to the bank, get a personal loan for 13% interest, and still save thousands compared to the $5k or so left in PMI payments I would have been making.
Also, my favorite part of this entire thing, the realtor sent out to do the BPO hasn’t sold a house in over a decade. Sure sounds like a guy with a good grasp on local market conditions. Lmao