Allow homeowners with PMI or hidden LPMI to refinance under HARP!
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The Petition
Many homeowners have been advised that they can refinance under the Home Affordable Refinance Program (also known as HARP). This program is advertised on the Making Home Affordable Website www.makinghomeaffordable.gov
The guidelines claim that homeowners can refinance under HARP through their current lender or other lenders who service Fannie Mae and Freddie Mac loans. However, many homeowners who need a HARP loan have mortgage insurance. Even though these large banks and lenders support HARP, only a very small handful will do them if the loan has private mortgage insurance (PMI).
There are thousands of homeowners who have loans with mortgage insurance who need to refinance under this program! A great example is Bank of America, who also now services all the old Countrywide loans and is the nation's largest lender. They still won't do a PMI insured HARP loan! Neither does Chase! These lenders think it's okay to get government bailout money and not help the consumer when a government program is released to fix the problem.
UPDATE!
There ARE now a couple lenders who are actually refinancing those who have mortgage insurance! Having PMI or LPMI will determine which lender can help you. If you click on Contact Petition Sponsor on the right hand side if you have any HARP related questions. We will direct you to an actual lender who WILL help!
Sponsor
HARP Resource Center
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