Zillow Advice: Refinance - PMI and Refinance under Stimulus Plan

1 of the biggest challenges ...

Fri, 03 Jul 2009 12:16:00 GMT

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.

After phase II proves to ...

Fri, 03 Jul 2009 11:45:00 GMT

After phase II proves to be as much of a smashing success as phase I, when will we get to phase III?

I was told the same thing ...

Fri, 03 Jul 2009 09:43:00 GMT

I was told the same thing phase II starts JULY 9TH!!!

Just this week, additional ...

Fri, 03 Jul 2009 08:43:00 GMT

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

Is this for, Freddy Mac or ...

Fri, 03 Jul 2009 03:36:00 GMT

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..

We are told the same thing by our ...

Thu, 02 Jul 2009 13:18:00 GMT

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?

Thanks for the quick ...

Thu, 11 Jun 2009 20:36:00 GMT

Thanks for the quick response!

Yes. Confirmed.

Thu, 11 Jun 2009 18:37:00 GMT

Yes. Confirmed.