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When I bought home, I had to pay PMI, which I still do. Will the PMI go away if I refinance w/ HARP

I qualify for HARP. Will refinancing under HARP eliminate the need to pay PMI which I have been paying for 5 years? Loan to home value is 123%.
I initiate request with Wells Fargo back in 2009/early 2010, still no response regarding refinancing under HARP!!!!
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December 04 2011 - Bartlett
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Thanks for your responses. Truly appreciate it.
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December 05 2011
Evan, can you do a Harp refi at 123% LTV with MI?
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December 05 2011
Nirav, if Fannie Mae or Freddie Mac bought the rights to your loan you can probably refinance with any lender that originates HARP loans.  And I suggest you contact a bank other than Wells Fargo if you want to close in less than 90 days.  That is approximately the lenght of time it takes them to close a refinance.  Chuck is correct with regards to the PMI.  Your mortgage insurance status does not change from the original loan with regards to a HARP.  You can search your house on Fannie Mae and Freddie Mac's websites to find out if they "own your loan."
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December 05 2011
NiravSa, 

[edited by Zillow moderator].
HARP as you know is a refinance program and has nothing to do with a modification. You don't need a lawyer and the answer to your question is very simple. If you have PMI now, you will have PMI after you refinance. At your loan to value, your best bet will be to stay with Wells Fargo and have them work this up for you as it will be difficult for anyone else to accommodate this.
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December 05 2011
I am sorry to hear this. Unfortunatly, lenders are not your friends. I would say as an estimate that only about 5% of loan modifications actually go through. And of that number even less are successfull. PMI will still factor into this. You may want to discuss this issue with a tax consultant or lawyer to see if you have any other options available to you.  Best, Joshua Rabinovitz.
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December 04 2011
 
Related Questions
When I bought home, I had to pay PMI, which I still do. Will the PMI go away if I refinance w/ HARP
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Latest answer by NiravSa
December 05 2011 | 5 answers
  • Asked by NiravSa
  • In Refinance
  • December 04 2011
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