Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Hi all - We bought our house with a 80/10/10 loan which was eventually sold to Bank of America. We would like to refinance under HARP 2.0. Do we have to stick with BOA on the big loan since they also have our 2nd loan?
You can use any lender that is participating in HARP and HARO 2.0, but you can only refinance you first mortgage through the HARP program. You will have to subordinate your 2nd loan. Also your loan had to have been delivered or sold to Fannie Mae on or before June 1st 2009. You cannot have any late payments in the last 6 months and be current on the mortgage, and no more than 1 late payment in the past 12 months.
If you meet all these requirements then you are a great candidate for the program.
Sounds good so far. Next question - We don't pay PMI now. Would going to a different lender cause me to have to pay PMI? HARP 2.0 seems like it will be better for us since BOA was not playing by the government guidelines of LTV rates under HARP.
That's the great thing about the HARP program. It will give you an unlimited LTV to work with and if you dont currently have PMI then the new loan will also not have PMI. Keep the questions coming
Now just to find a bank that is doing HARP 2.0 loans in Virginia! I'm thinking we might have better luck going with a bank other than BOA (lower interest rate... someone who WANTS our business). However, I have been seeing that some banks only want to deal with loans they already have. We have excellent credit and have never missed a payment on this loan that we've had for over 5 years.
Also do you think BOA is going to put up a fight in subordinating the second loan, or it's not a big deal?
BOA is the last place in the entire country I would do a mortgage. Check with brokers. Doubtful they will deny the subordination on the 2nd. They may, however, be slooooow on granting the subordination. The broker should check on subordination turn times before they lock your rate.
Find yourself a good Mortgage broker, Brokers use a variety of lenders and can find you the best deal. All lenders do the HARP program now, especially since the HARP 2.0 rolled out this month.
No BOA will not fight the subordination, HARP 2.0 takes care of the original problems the original HARP had such has subordinating the 2nd.
I wish I knew someone in VA, to help you out. Just make sure you check out people you talk to on the new Nationwide Mortgage Licensing System, NMLS.
Find yourself a good Mortgage broker, Brokers use a variety of lenders and can find you the best deal. All lenders do the HARP program now, especially since the HARP 2.0 rolled out this month.
No BOA will not fight the subordination, HARP 2.0 takes care of the original problems the original HARP had such has subordinating the 2nd.
I wish I knew someone in VA, to help you out. Just make sure you check out people you talk to on the new Nationwide Mortgage Licensing System, NMLS.
It doesn't force them but lenders are playing nice now because of the new guidlines
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
