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.
We once had a similar problem when these lenders had 2nd mortgages and didn't allow homeowners to refinance their loan under HARP, but that has since been fixed. This is the last major hurdle in helping homeowners on this program. Let's please get over this last hurdle and help our homeowners!
Updates
Reached 1,000 supporters
April 30, 2012
December 3, 2010
We just hit 100 signatures and it proves that people are tired of Bank of America and Chase hiding behind their policies while refusing to help. These banks took billions in bailout money only to turn their backs on the homeowners who actually need relief. We are just getting started on making them pay attention.
Reached 100 supporters
December 1, 2010
6 Comments
Stuck with a high rate because of PMI. It makes no sense. We just want a fair shot.
total BS that chase gets to just ignore these rules. homeowners are drowning while they act like everything is fine.
So frustrating. I qualify for everything else but because of the pmi they wont budge. Ridiculous.
Fix this please. Been trying to get help for years and keep getting told no because of the pmi guidelines.
Just let us lower our payments. We are loyal people trying to do the right thing and stay in our homes.
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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.
We once had a similar problem when these lenders had 2nd mortgages and didn't allow homeowners to refinance their loan under HARP, but that has since been fixed. This is the last major hurdle in helping homeowners on this program. Let's please get over this last hurdle and help our homeowners!
Updates
Reached 1,000 supporters
April 30, 2012
December 3, 2010
We just hit 100 signatures and it proves that people are tired of Bank of America and Chase hiding behind their policies while refusing to help. These banks took billions in bailout money only to turn their backs on the homeowners who actually need relief. We are just getting started on making them pay attention.
Reached 100 supporters
December 1, 2010
6 Comments
Bank of America is a joke. They got their money now they dont care about us. Let us refinance already!
Stuck with a high rate because of PMI. It makes no sense. We just want a fair shot.
total BS that chase gets to just ignore these rules. homeowners are drowning while they act like everything is fine.
So frustrating. I qualify for everything else but because of the pmi they wont budge. Ridiculous.
Fix this please. Been trying to get help for years and keep getting told no because of the pmi guidelines.
Just let us lower our payments. We are loyal people trying to do the right thing and stay in our homes.
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Bank of America is a joke. They got their money now they dont care about us. Let us refinance already!