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HARP refi uanble to do without impounding HOI and Taxes??

I recently spoke with a large, reputable mortgage company about refinancing with a HARP loan. When I asked if I could refinance without the Homeowners Insurance and Taxes impounded, they said that is not possible.

I also read some reviews online of other mortgage companies hiding fees in the escrow, I am concerned. Sometimes raising the monthly fee of your escrow account way beyond the cost to cover your HOI and Taxes.

Has anyone heard of this?
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March 14 2012 - Reno
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" A good agent will be able review your final closing statement and get any junk fees removed and adjust any mistakes that are made through the title representative."
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What on earth are you talking about Suzie? What does an agent have to do with HARP and why would an agent have an unlicensed person review their documents for accuracy? 


" I hope I helped. "
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Seriously?
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March 14 2012
Most lenders want the taxes and insurance impounded.. HARP was created to allow homeowners who are upside down in their mortgages to refinance. The guidelines that must be followed for all parties are pretty strict . The laws are pretty strict on what escrow is allowed to hold in your account. If your account has any overage the account holder must send you a refund. A good agent will be able review your final closing statement and get any junk fees removed and adjust any mistakes that are made through the title representative. Make sure you ask questions. It is important that you understand and are comfortable with the process. Remember your agent is there to represent you. I always go to the closing when the final documents are signed so I can answer any questions that may come up. I hope I helped. Thank You Suzie Marquardt
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March 14 2012
"  I am concerned. Sometimes raising the monthly fee of your escrow account way beyond the cost to cover your HOI and Taxes."
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That would be illegal so if it did happen, there would be an easy remedy.

As for not impounding taxes, I imagine this could be an item that varies by lender overlay, but what I know from one national lender is as follows:

– Escrows can be waived if the LTV on the new loan is less than 80%
– Escrows can be waived if the original LTV was 80% or less and the original transaction did not have escrows
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March 14 2012
with HARP if you escrow now you have to escrow with the new loan, if you don't escrow now you don't have to escrow in the new loan
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March 14 2012
 
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