My story with CitiMortgage

[Mike]

Hi Everyone, This is my very first post to the board and I am very happy that I have found it. My story is not one of foreclosure but rather a huge PMI payment where my wife and I feel we have been very taken advantage of. In Sept of 07 we purchased a house 100% financing for 196,000.00 in NJ. At the time of purchase the house appraised for 215,000.00. We knew we would have to pay PMI and about a week before closing we find out this PMI is going to tack 700.00 per month onto our mortgage payment. At the time we were shocked but also pretty naive and really had no choice as we told our landlord we were moving out and could not be homeless. After getting moved in, making our 2500.00 a month mortgage payment I began to do more research and saw that I should probably be paying 100 to 200 tops for PMI. Of course I have asked Citimortgage numerous time for a breakdown and explanation and I have received only form letters back. Just running me in circles. I am turning to all of you for advice. Hope someone can help point me in the right direction here. Feel free to ask any questions. Thanks, Scott