Hello,

I have been paying PMI (Private Mortgage Insurance) for about 3 years now but now I realized that my payment only protects the lender. I would like to know about the legal provisions as regards this. Does any one have any idea?

Thanks in advance!

Well the PMI payments are supposed to be dropped from your mortgage when your LTV falls below 80% and as a homeowner you should be aware of Homeowners Protection Act of 1998. I would also suggest you to visit the site PMI Insurance |What is PMI | Private Mortgage Insurance which maintains a lot of information regarding PMI and I am sure you would be able to find the answers to all your queries regarding PMI and your protection out there!