Profile picture for scottsobolewski

Refi Options for Lender Paid PMI Mortgage - Bank of America is stonewalling me

I have a loan with Bank of America currently and I am trying to refi under the harp program.  BOA says that because the loan is Lender paid PMI I cannot refi. The loan is a fannie mae, it is investor owned, non-owner occupied and has not been previously refied under HARP.  I keep getting stonewalled by BOA, most recently they said there was no one that could speak with me for 60 to 90 days.  I couldnt believe it.  Does anyone know of any options for me to refi?  The loan to value ratio on the house is probably around 110%.  Please help!
  • February 10 2012 - Salem
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Answers (18)

You might try Clay Branch who is located in Georgia and posts frequently on the advice boards.   I am not sure if he is able to do this particular type of HARP loan.

If that doesn't work out, there are a great many HARP threads to reference here and I expect you can find someone able to help by looking over those.  
  • July 13 2012
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Justin, my property is in Stone Mountain, GA.
  • July 13 2012
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miketodd -

Yes there are lenders that will refinance for unlimited loan to value, and transferring the LPMI to the new loan can also be done in most cases (would need to find out who your LPMI provider is).

Where is your property located?
  • July 13 2012
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Same thing is happening to me -- my loan was originally with Countrywide, then BoA when they were bought out.  I'm underwater a lot, but I have excellent credit (over 800) and have never missed a payment.  They said that because I have lender-paid PMI, they just won't refinance me, period.

Is it possible to refi through a different lender, even though I am at about 150% LTV?
  • July 13 2012
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Some banks will transfer the Lender paid PMI to a seller paid PMI. The loan must first be run through DU which will reveal the monthly MI amount that must be paid. As long as the MI company is approved by the lender you are doing business with and they are willing to convert you should be ok. I have had no issue with it unless it is an "out dated" MI company. Usually the MI companies that are used by BOA or Countrywide fall under the approved list.
  • June 05 2012
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Instead of suing B of A, you could also get your HARP refinance done at a number of lenders that offer LPMI transfers.
  • June 05 2012
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Profile picture for makaluki
I have the same problem with BOA. Are they your original lender? If so, you need to find out about a lawsuit against them by contacting kathryn@tbsf-law.com. Mine was bought by BOA from Countrywide, so I don't qualify for the class action suit.
  • June 05 2012
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Profile picture for shapiroamg
30590,

Do you think you are at 80% LTV now? If so, screw BofA and just get a reg refinance with someone else.
  • February 27 2012
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Profile picture for user30590
I am going through the same issue and i live in the house. i am below 80% ltv and BOA won't allow me to refinance because of the lender paid pmi! I could drop 6 years in my mortgage and $200 a month with the rate change and can't do it, I HATE BOA!!!
  • February 23 2012
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eligible occupancy types for HARP are: primary, 2nd/vacation, investment.

the fannie mae selling guide (guidelines) can be found at efanniemae.com 
  • February 13 2012
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Norm, since you are here, does HARP apply to houses that are not owner occupied? Or does it even matter? Where is a good place to read about the guidelines?
  • February 13 2012
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Annette, That is because it is spam. This site is for Q&A, it is not the yellow pages. 

If you don't know the answer to a question, which on a lender site is understandable because after all you are not a licensed lender; the best course of action is not to post. No one thinks less of you for not knowing it all.

no purpose is served by just posting "call  X.."  
  • February 13 2012
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Annette, I may be reading this wrong, but do you think a local bank is going to lend 110% of the value of an investment property?
  • February 13 2012
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Go to a local bank! I replied with an address first but Zillow seems to think that recommendations are spam... so here I am again, go a small, local bank and talk to them, I am sure it will make all the difference.
  • February 13 2012
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some of the MI companies will not transfer the MI cert when the occupancy had downgraded (i.e. from primary to investment), 

Start by finding out who the insurer is for your mortgage insurance and then go to their web site to see if they have that restriction (or call them).

In general, BOA just refuses to do HARP loans with LPMI; that is their business decision to make but it doesn't mean it can't be done.
  • February 11 2012
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[content removed by Zillow due to spam.  Please read our Good Neighbor Policy for details]
  • February 10 2012
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when I bought the house it was owner occupied.  i lived there for 3 years. 
  • February 10 2012
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did you buy it as an investment property?
  • February 10 2012
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