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Are Lenders Required To Disclose Lender Paid Mortgage Insurance To Borrowers? |
Question by geminiseventyseven | Posted in Renting & Real Estate
I've recently tried to refinance through the HARP program and was told I could not because the company servicing the lender paid mortgage insurance on my loan does not participate in the HARP program. The issue is that I was never made aware that my loan had mortgage insurance. I've done research and found that The Homeowners Protection Act requires that lenders disclose LPMI. Is this the case? And, if so, what are my options?
| Answer: hire a RE attorney, and pay the $100 consultation fee, or whatever it is, the money spent could save you a bundle. Or maybe if you have a city/county assistance program, they could help. Ask around, to neighbors, your bank, etc for help. maybe call your state representative and tell them you are a voter, they may also help. good luck. |
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What Companies Offer Lender Paid Mortgage Insurance Programs? |
Question by rita s | Posted in Personal Finance
Please provide links to companies that offer Lender Paid Mortgage Insurance Programs, also known as LPMI. This is because I am trying to refinance my house and don't want to pay Private Mortgage Insurance.
| Answer: Lenders don't technically pay the MI - it's a form of paying it up front. But you're smart for wanting to explore all your options. Check out the link for more details - our version is referred to as PMI Buster. |
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What Happens To The Money I Have Paid My Mortgage Lender For Taxes And Insurance Now That They Are In A BK ? |
Question by April | Posted in Credit
Our mortgage lender has filed for bankruptcy. Our payments to the mortgage company include principle, interest, taxes and insurance (PITI). What happens to the money we have paid towards taxes and insurance ?? Since we have paid this money in advance with our payment, is the bankrupt mortgage lender required by law to pay them? If they don't, due to bankruptcy protection, are we responsible to pay the money that has already been received by the mortgage lender?? In other words, lets say we
| Answer: No whom ever or better stated who ends up holding your mortgage also accepts not only the stated payments, but the financial responsibility for the escrow that has been paid in. |
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After A Claim Is Paid By A Mortgage Lender's MI, Can The MI Collect From The Borrower? |
Question by el carnal de las estrellas | Posted in Renting & Real Estate
As my 1st mortgage in going through a HAM modification, my 2nd mortgage, originated by the same company as the 1st, was assumed by the lender's MI after an insurance claim was paid to the lender. What right does the MI have to seek collection for the 2nd?
Answer: The MI company has EVERY RIGHT to seek collection. They should and they will. PMI/MI doesn't protect you, it protects the lender from borrower like you.
You can't just walk away. |
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It's even worse if you have lender-paid mortgage insurance, in which case you may need to refinance to get rid of it no matter how much equity you have or how long you've had it. How long will it take you to recoup any upfront costs?
The changes reduce monthly premium rates for borrower and lender-paid insurance on all mortgages with loan-to-value ratios of 95 percent or less, and all mortgage loans to borrowers with Fair Isaac Corporation (FICO) credit scores less than 760 will be