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I have a mortgage with National City. We have mortgage insurance with the payment. We have been paying it for 5 years. In order to get it removed they said we have to get it appraisied. With the way thing are it will not appraise for more it will appraise for less. If I could get them to drop the MIP we would not have that hard of a time. We are making our payments but they are late every month. Is there anyway to get the mortgage companys to drop the MIP.

Here is how to cancel MIP. Pretty strict guidelines on this. Effective for all mortgages originated January 1, 2001, FHA's mortgage insurance premiums will canceled under the following conditions:

1. If you mortgage has a term longer than 15 years, the annual mortgage insurance premiums you need to pay will be canceled when the loan to value ratio reaches
78%. This will only be the case provided you have paid the annual mortgage insurance premiums for at least five year timeframe.

2. If you mortgage has a of 15 years or less, and the mortgage loan to value ratios is 90 percent or greater, the annual mortgage insurance premium you need to pay will be canceled when the mortgage loan to value ratio reaches exactly 78 percent, no matter how long you have paid the MIP

3. If your mortgage has a term of 15 years and less and with your mortgage loan to value ratios of 89.99% and less you will not be charged mortgage insurance