Profile picture for DavidG

Zillow.com

Phone: (206) 470-7168

Website: This is it.

Back to Results

Tools

Partner Tools


PMI and Refinance under Stimulus Plan

Profile picture for marpau
Contributions: 2
My mortgage is with Bank of America and a representative is telling me that the PMI on my mortgage is making me ineligible to refinance under the stimulus plan.  She says there will be more guidance on this later this summer, but for now, those with PMI are out of luck.

Can anyone confirm?

Thanks.
  Flag content
Close
Report a Problem
Close
Content Flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
June 11 - US
RSS

Answers (8)

Profile picture for Martin Wareing
Mortgage Lender

Lender rating

5.0/5.0

View ratings and reviews

Contributions: 3632
1 of the biggest challenges about MI (slangly called PMI) is that only AIG received FED bailout money.  Bank, FNMA and FHLMC received TARP, etc....  the MI companies got nothing.. The MI companies are being asked to continue rewriting the risk without a lifleline in place. regardless of it making sense to anyone, it is very complicated to say the least and all lenders are willing to this or that when they get handouts from the US taxpayers and continue to push off the loss risk on an insurance company.  I do not work for an MI company, my wife does, but that is not the point either.  WELLS, BofA, etc... got piles of FED FUNDS... The MI issue is almost as complicated as trapped homeowners with 2nd mortgages and HELOCS.  MI companies are working with select lenders to REFI/MODIFY through HARP and HAMP, but that is a mortgage servicer direct inquiry and not for the masses.  Good luck to all and stay diligent.
  Flag content
Close
Report a Problem
Close
Content Flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
July 03
Profile picture for jkonstant
Real Estate Agent
Contributions: 1501
Zillow All-Star

Since May 2009

After phase II proves to be as much of a smashing success as phase I, when will we get to phase III?
  Flag content
Close
Report a Problem
Close
Content Flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
July 03
Profile picture for seven1111
close Profile picture for seven1111

seven1111

PROVIDENCE,RI

Contributions: 25
I was told the same thing phase II starts JULY 9TH!!!
  Flag content
Close
Report a Problem
Close
Content Flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
July 03
Profile picture for patrick ignacio
Mortgage Lender

Lender rating

5.0/5.0

View ratings and reviews

Contributions: 189
Just this week, additional expansion of the stimulus plan has been signed and approved by our administration.  The details of this phase 2 and when it actually hits the street will take time.  For now, no details are published by Fannie Mae or Freddie Mac and most likley will not be until August or later.

Check these sites weekly for updates:
http://www.fanniemae.com/homeowners/index.html
http://www.freddiemac.com/avoidforeclosure/plan.html
  Flag content
Close
Report a Problem
Close
Content Flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
July 03
Profile picture for DTRSsouth
Is this for, Freddy Mac or Fannie Mai  or both as I just contacted my bank.. Homestreet about this and they said nothing about PMI being a problem..
  Flag content
Close
Report a Problem
Close
Content Flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
July 02
Profile picture for susanjanest
We are told the same thing by our Wells Fargo representative.  He says that loans with PMI could possibly be eligible for refinance under the Loan Modification program in the second phase of the stimulus plan; however, he does not know when that will be.
My question is:
How can we find out when phase 2 will be put into place?
  Flag content
Close
Report a Problem
Close
Content Flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
July 02
Profile picture for marpau
Contributions: 2
Thanks for the quick response!
  Flag content
Close
Report a Problem
Close
Content Flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
June 11
Profile picture for yaegermike
Mortgage Lender

Lender rating

5.0/5.0

View ratings and reviews

Contributions: 751
Yes. Confirmed.
  Flag content
Close
Report a Problem
Close
Content Flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
June 11
 

Have a question? Ask it here.

What's this?
Close

By starting a discussion, you can expect more of an interactive, back-and-forth experience where the conversation can go in many different directions.

Or start a discussion

 
Top Lenders
Ratings
Subscribe via RSS
  1. 5.0/5.0

    56 reviews
  2. 5.0/5.0

    90 reviews
  3. 5.0/5.0

    137 reviews
  4. 4.9/5.0

    57 reviews
  5. 4.7/5.0

    65 reviews
Related Questions
Question Should I refinance?
  • Latest answer by Rudi Hofmann
  • 5 hours ago
Question Refinancing on a Fannie Mae loan
  • Latest answer by HVLrefi
  • 11 hours ago
Question How do I determine when to refi? My ARM just reset lower than current rates, but only for 1 year...
  • Latest answer by Clay Branch
  • 14 hours ago
Question I am stuck in a mortgage at 8.625.
  • Latest answer by jkeedy
  • 1 day ago
Need a Mortgage?

Zillow Mortgage Marketplace

  • Competitive rates
  • Accurate, custom quotes
  • Thousands of lenders

... and, it's free and anonymous

Get instant mortgage quotes
Estimated purchase price Current mortgage balance Desired loan amount
98104

Learn about Zillow Mortgage Marketplace

Zillow Poll:
Suggested by Tammy Stockdale
Would you use a broker for a deal since they have more options?
Be A Good Neighbor

Zillow® Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy

pageName