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BOA Harp 2.0 was not what I was looking for..Can anyone else out there help?

Hi everyone,I called BOA yesterday to apply for the HARP 2 Program.1. I was told they cannot remove my husband who doesn't live with me because they don't do that. Eventhough, HARP2 states you can do it if you have been paying the mortgage for the past year and I have my bank acct statements showing that I paid all by myself.2. This is what they offered:I owed $242,900 with a fixed rate of 6.125 The current value is $155 and LTV 159.24%My current morgage is $1,575.23 plus taxes and insurance I pay $1940.I have good credit over 700 fico score, never ever late! They offered a 5.125 interest with $ 6933.00 closing cost including new escrow, an origination fee of $850, $400 apprasial (As far as I know not needed under harp2), credit report fees, etc. Not to mention that while I was talking on the phone I check their refinance rates on my zipcode and it was 4.1 so I asked the loan officer and she said that was not for HARP 2 and if I wanted a rate of 4.65 I would have to pay one point. She keept repeating herself and asnking where I got that rate from.All of this is ridiculus to me. Any advice? I don't want to pay 7 or thousand for closing to save $200 a month...it would take me a long time to recup that amount.I thought I would have to pay $3k in closings and get a 4% ratePlease advise!Yane by yane26_686_338 from Salt Lake City, Utah. Mar 13th 2012 Reply


Will Whitaker (will@amlend.com)
#50 ranked lender in Utah - 6 contributions

Hi there. Most likely if you go through a wholesale lending channel like ours, you will be offered a much better deal than your current servicer BOA. That said, most of the lenders we have access to our still in the process of rolling out their version of HARP 2.0. At least a few of them are scheduled for release this coming Monday (3/19): Wells Fargo Wholesale, 360 Mtg, to name a few. I'd be happy to see what we can do, if you want to reach out to me. Give me a call at 80-652-7320, or visit my website: www.bestmortgageratesutah.com. I have a few other clients sitting the sidelines waiting for HARP 2.0 through a wholesale channel, because the big banks are charging whatever they want on these things (and making a killing).

Mar 13th 2012
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Linda Miller (Linda Miller)
#2 ranked lender in Utah - 572 contributions

I can understand your frustration with BofA. Many, many of my clients express frustration with them. They are way, way off base with the rate and fees. I am doing a HARP 1.0 right now at 4.125% and have several clients waiting for the roll out of HARP 2.0 which should be either March 15 to March 19 depending on the lender. I will be happy to talk with you and give you straight answers. Based on the info you gave I think you are a perfect candidate for the HARP 2.0 program. I would like the opportunity to answer your questions with no obligation and earn your business. My name is Linda Miller and you can call me at 801.550.1222. All the best, Linda

Mar 13th 2012
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Linda Miller (Linda Miller)
#2 ranked lender in Utah - 572 contributions

I can understand your frustration with BofA. Many, many of my clients express frustration with them. They are way, way off base with the rate and fees. I am doing a HARP 1.0 right now at 4.125% and have several clients waiting for the roll out of HARP 2.0 which should be either March 15 to March 19 depending on the lender. I will be happy to talk with you and give you straight answers. Based on the info you gave I think you are a perfect candidate for the HARP 2.0 program. I would like the opportunity to answer your questions with no obligation and earn your business. My name is Linda Miller and you can call me at 801.550.1222. All the best, LindaOh -- and by the way -- you are correct on removing your husband. I love it when clients are smarter than a BofA loan officer. :)

Mar 13th 2012
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Brett Pehrson (brettpehrson)
#19 ranked lender in Utah - 228 contributions

I don't think there is any doubt that B of A is out of line on their pricing; I can't think of the last time I heard of somebody getting a good rate and fee structure from them. As the other loan officers have just said, many of the lenders in wholesale channels are still working on rolling their programs out; I'm a Salt Lake City mortgage broker, myself. One of the best parts about our industry now is that as brokers, we are more educated, more regulated and more transparent than direct with the banks, and we've always been consistently one of the cheapest ways to get a loan. You sound like you'd be a good candidate for the HARP 2 program. Don't expect the advertised rates to be consistent with what you're quoted on this HARP program, though. Most advertised rates assume 740 plus FICO's, 25% equity, and $200k plus loan amounts, etc. Fannie/Freddie have several pricing adjustments based upon factors in the loan, and this HARP program is no exception; even still, your quote sounds way off base. I'd be happy to shop a few of my lenders for you once they're ready to accept these HARP 2 loans and see if we can find a make sense loan structure for you. Send me an email at brett@homeloansinutah.com if you'd like me to review my options for you.

Mar 13th 2012
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Bert Carpenter (BertCarpenter)
#37 ranked lender in Arizona - 2,236 contributions

The best advice is the advice I have been giving for years. "Contact a local Mortgage Banker/Broker rather than one of the big banks." The big banks are just production mills. They are slow, cumbersome and their front-line employees are generally just order takers. You want to work with a Mortgage Banker/Broker for several reasons, including the fact that they are required to be educated, trained, tested and licensed. Bank employees? Not so much... They just have to register. No Training, No Testing and No Licensing...Just registered. A Mortgage Banker has access to loan products from many lenders and not just one bank, which gives you the best possible selection of products, terms and rates. Finally, If you call a bank and ask for the rate on a new loan, where you are either putting down 20 % of have 20% equity, you will get a better rate quoted than you will for a loan under HARP. This is because loans Under HARP generally have no equity or negative equity. www.NMLSConsumerAccess.org ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com

Mar 13th 2012
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 4,316 contributions

There is a LOT, and I do mean a LOT of bad information floating around. A great example is your comment about no appraisal needed. This simply is not true. When lenders underwrite your loan, there is a POSSIBILITY of a PIW (property inspection waiver). The underwriting computer (AUS) will determine based on a wide variety of criteria if you will get an appraisal waiver. Stop talking to unlicensed call center clerks at big banks and stop into the local LICENSED mortgage loan officer for an intelligent review of your personal situation. In MN and WI, visit www.MetzlerMortgage.com

Mar 14th 2012
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Melvin List (melvinlist)
#144 ranked lender in Florida - 124 contributions

I would contact a local mortgage broker to help you thru HARP 2.0. You can only remove a borrower with a HARP refinance if there has been a death or divorce. I have several going right now that I had to use the credit for both borrowers even though one was not working. Good luck!

Mar 17th 2012
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