Harp 2.0 with PMI to remove co-borrower

We can help you in IL. PMI doesn't effect you but it does matter what company is holding the MI as different new lenders are working with certain MI companies as we will need to transfer it. Find out what MI company it is and give me a call. 888-320-7888 - www.MortgageWholesale.net - Ken

Hello Bethke,I am a local lender in Schaumburg, Illinois and I can help you with this refinance to remove the ex from the mortgage and do it in yoru own name and carry the existing PMI to another lender. You can go to www.lendmemoney.com and then click on the red apply here tab or you can call me at 847-204-7640. Thanks Jerry Mlinar

In order for you to remove your ex from the loan doing a Harp loan you must provide documentation that you have been making the payments from your own funds for the last twelve months also provide a divorce decree. You may add a new borrower to the loan provided the exisiting borrower remains.PMI who do you have your PMI with now a lender can possibly do a certificate modification depending on which PMI company you have if you would like more information please give me a call at 1-800-847-1536 extension 213 to see if we may be able to help you. Misty Heath, State Bank of Lincoln508 Broadway St. Lincoln, IL 62656217-735-7111 Direct Line 217-732-4215 FaxNMLS # 487988BANK NMLS# 331231

Hi Beth, thank you for the question. The short answer is yes - there are a few other items to be taken into consideration but HARP does allow you to remove a co-borrower from the loan. PMI is not tied to one certain lender and would not pose a threat to refinancing with someone else. I would recommend steering away from the big banks - most are currently gouging people with high fees and not so great rates. If you need any further assistance please send me a message. Thanks, Sam. www.silvercreekfinance.com

Beth, in answer to your questions; 1) yes you are able to remove an ex from the mortgage, however depending on whether yourloan is owned by FNMA or Freddie Mac there are different requirements in ordere to be able to do it. 2) Having PMI willnot preclude you from refinancing with another lender. Do you know who your mortgage is with? I can be reached atray@silvercreekfinance.com or 630-390-0765 to walk you through. Thanks,Ray Hazucka

Yes, removing an ex is possible. No, your existing PMI policy should not prevent you from obtaining relief under HARP 2.0. Contact a local Mortgage Banker /Broker. DON'T use one of the big banks, DON'T use one of the big national Mortgage factories, and DON'T use the people you are currently making payments to. We have heard that the big banks are already advising their customers that it could be a 4-6 month lead time before they will be able to close escrow. You shouldn't have to wait. The local or regional Mortgage Banker/Broker is better equipped to handle the volume. We tend to be much more nimble in adding or moving personnel to accommodate a spike in volume. The big guys don't want to hire more people, so instead you wait and wait and wait. Another benefit is that your local Mortgage Banker has access to all the lending sources, allowing for an easier fit into the lender or program that makes the most sense. Whoever you choose, make sure you check them out at the National Mortgage Licensing System at www.NMLSConsumerAccess.org ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com