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Can I refinance under Harp 2 with an upside down mortgage that has LPMI?

I live in Philadelphia, have good credit, always pay in full and on time, no debt aside from this mortgage, but currently have a mortgage managed by Chase that I owe more on than my house is worth and they have told me that due to the LPMI being part of the interest rate of the loan I don't qualify for even the new Harp 2 program. Are they right or do they just not want to deal with a situation that may be more time consuming? SO frustrated and would love some guidance! by Phillylady from Philadelphia, Pennsylvania. Apr 16th 2013 Reply


William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions

HARP does not disallow LPMI... however some lenders wont do HARP refi's with LPMI.. there are lenders that will, but some wont.. so Just look for someone local.. start with the broker side... they have access to numerous lenders with a wide variance of programs.. .. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Apr 16th 2013
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Ken Burrows (mortgagesforamerica)
#19 ranked lender in Nevada - 572 contributions

A lot of the major banks won't work with LPMI, it's actually fairly simple to transfer it. Call a local broker in your area, they will have lenders that will work with LPMI. Good Luck.

Apr 16th 2013
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Carlo Sanchez (MortgageLendingPro)
#0 ranked lender in Utah - 1,163 contributions

Yes, you can. Sounds like you went back to your current sevicer and that is there guideline. It can be done so talk to a Lender411 loan officer but they will want to know what company you LPMI is paid to so find that out for when you make the call.

Apr 16th 2013
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Sharon Duffy (sduffy)
#70 ranked lender in Pennsylvania - 595 contributions

I am a local lender. Please give me a call...Sharon732 606 6264

Apr 16th 2013
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Michelle Curtis Loan Originator NMLS 401173 (MichelleCurtisLO)
#77 ranked lender in Florida - 2,245 contributions

Yes you can, We would need more info to see what we can do to help.Call us or email us at 201-962-3555 or Team@BestMortgageOption.com for ano cost no obligation analysis of your situation. Ask for Michelle or Benny We will find the Best Mortgage Option to suit your needs!You can check us out at www.BestMortgageOption.com We are also proud Homes for Heroes affiliates!

Apr 16th 2013
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Joe Shamie (Joe Shamie)
#4 ranked lender in New Jersey - 1,412 contributions

It is possible but diffficult.

Apr 16th 2013
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Barb Lanis (BarbLanis)
#69 ranked lender in Illinois - 679 contributions

Some lenders are not doing HARP 2.0 with LPMI, particularly the large banks. We do the LPMI and also unlimited LTV. I have a blog post regarding this subject - please check that out. And yes, my group is licensed in PA.

Apr 16th 2013
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Carlos Figueira (carlosfigueira)
#107 ranked lender in New Jersey - 199 contributions

As others mentioned, YES but cepends on lender as not all offer.

Apr 16th 2013
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Andrea Varvolis (AndreaVarvolis)
#79 ranked lender in Pennsylvania - 20 contributions

Hi, Yes our lenders will do Harp 2 with LPMI. We are local and can help you. If you'd like to discuss please contact me at andrea@monumentmortgage.net or 215-272-1157. Thanks, Andrea

Apr 17th 2013
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