Mortgage co won't remove MIP
We have a 5 year old FHA loan. We've prepaid the pricinpal to the point that the balance is now less than 75% of the original loan.
The mortgage company told me to submit the request for removal in writing, which we did. Today I got a letter back from the mortgage company stating that MIP cannot be removed from FHA loans under any circumstances. Our loan was closed after Jan 1, 2001 so qualifies for the removal at 5 years as long as the original loan value has decreased to 78%- it says it in the loan paperwork, and the same information is on HUDs website.
The loan company wouldn't allow me to talk to anyone in the PMI department at an earlier date, but this morning when I called, the customer service rep transfered me to the PMI department where I left a voicemail. Unfortunately there seems to be only 1 person in the PMI department so *IF* she even calls back, I'm going to have to deal with this same person who apparently doesn't know the first thing about FHA loans.
What do I do to get the MIP removed from the loan? I feel stuck and really POed. We don't really want to refi the loan, and shouldn't have to.