Due to the lowering of interest rates, I wanted to refinance my home that I have lived in for over 6 years. Wachovia is who I have my mortgage with and they required a current appraisel on the house. After they sent one of their appraisers out they told me I was a high risk and did not qualify for renagotiating the terms. They also informed me that my house appraised fifteen thousand less than it appraised for previously. Now they want to charge me PMI because I owe more than 86 percent of what the house appraises at.

I have never missed a house payment since buying the home. I was late no more than 3 times in the past 6 years, but only by a few days. At this point I don't care about the refinancing rejection. Can they legally charge me PMI because real estate has, according to them dropped 15 percent in my area.

Any advice would sure be appreciated.

I would be surprised if your home value did not drop a lot more than 15 percent, 25 or more is common in many areas.

What does your mortgage paperwork say, get out your loan documents, they can not do anything not in the mortgage paper work

I can help. Reach me.

Ivan A
Loan Officer




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