Bank of America is just same old Countrywide crap with a new name. When I called to check on my MHA-R the person awnsering the phone told me I didn't qualify because I had been late on my payments 4 times this year. (Impossible since I have the payment automatically deducted through BOA's own BillPay Service and I always check to make sure it has gone through.)He insisted I talk to Customer Service and transferred me...After 30 min. of holding I hung up.

I've been through multiple lies and errors with Countrywide and had really hoped BOA would be different...

Well that's good news. Last time I talked to them they just told me I was out of luck! Not sure how exited about this I am though, because they've been telling me to call back in a month for almost 1/2 a year! I hope it's true this time.

Purchased home 1 year ago, appraised at 369,000, we had 5% down, original loan was 350,550. We were in a 6.125 rate and tried to refinance around Feb 09. First appraisal came in at 393,000 (lol?) then about mid May the broker said PMI didnt believe it and requested another appraisal and it came in at 353,000. Our LTV was around 97% and PMI wouldnt cover it, door was shut on our refinance.

Now the MHA comes in...

LO at Chase quoted me the following
Home Value: $373,500 through their (or Fannie Mae's) electronic appraisal system (they dont require an appraiser to go out)
New Loan Amount: $355,849 (up ~4,000 from our original)
LTV: 95.2%
Location: West Michigan
Middle Credit Scores of me/wife 767/731
Rate: 4.875% with 1.375 points (split up into loan origination fee and loan discount points)

$395 application fee out of pocket to continue, all other costs rolled up into new loan under MHA

monthly savings came to about $250

Chase also offers a 1% Cash Back on your regularly scheduled principal and interested payments over a year when you use their checking to automatically deduct mortgage payments from. No fee to have checking account, so I'll just send money from my BoA account into Chase to pay my monthly mortgage from now on and they will give me the Cash Back or apply it to principal.

With their checking Cash Back my new savings would be about $265 a month

I want to bite, but seems like the points are a bit much... yet I can only refinance with Chase since they own the loan and I don't have 90% LTV to get a refinance somewhere else where a new PMI would cover my mortgage. Then again I won't be paying those points out of pocket, they are rolled into my new loan amount

jgrahamdc said:Just got off the phone with Bank of America... The guy goes through all my info, and is about to transfer me to a loan officer, and then he says. Oh, I just saw that, unfortunately you have lender paid PMI so you are not eligible. So I told him I had heard that's what the Phase 2 was for. He tells me, well yes it i for some types of lender paid PMI but not the kind Fannie Mae has on yours. This whole MHA refinance thing is BS. They say it will help millions of people. They'll be lucky if they can help 100,000.

I had the same experience with Wells Fargo.

I've lived in my house just a bit over a year. Got in @ 6% on $330,000 which i was happy about at the time, now fast forward to rates being advertised @ 4.875; I'm drooling over the fact that I could possibly use MHA to refi into the lower rate while saving a ton in interest each month (especially with a little on on the way).

I called WF and spoke to someone about a refi; after about 5 mins she came back and said the best rate they could offer me is 6.375 (confused)...after talking for a bit she said that my loan has PMI which I responded that I did not...my problem I'm having now is when I originally took out the loan, I didn't have the full 20% so I opted rather to bank my down money, put the min 5% down and "buy out my PMI" as the original lender put it for an additional $7k (which basically brought the payments to the same amount as putting down the full 20%); I figured this was a better investment than paying ~$275/mo for PMI for an unknown length of time because lets be honest, who knows when you'll have 25% equity in todays climate. I guess in hindsight now, it wasn't since the agent I talked to said through MHA they cannot modify the terms of the loan, only the interest rate and since my acct shows I have points built into my rate thats how they arrived at the 6.375%; She couldn't give me any additional info beyond that, but I'm extremely confused at this point because the advertised rate when I took out my mortgage was 6% which is exactly what all my loan paper work says; and thats what my current payment is based on; however, in the system acts like I had a really low rate and built points into it which brought it up to 6% as WF seems to think. Anyone ever have this problem?

ignore this post

I lost my job and my spouse's hours were reduced. I reviewed our budget and determined a mortgage payment consistent with a making home affordible modification at 2% interest or 31% of gross income would be the perfect solution. As it stands we're paying 6.5% with a payment of 45% gross income. They accepted us for a trial modification at 4.6% or 41% gross income which is contrary to the program rates advertised by the government. I don't know which is worse--knowing that the loan servicer is denying us the assistance to which we're eligible, or that what little assistance they're prepared to offer is a lot less than the taxpayer paid incentives they will receive for doing the mod. The whole outcome seems a bit corrupt and just another bailout for the banks courtesy of the American taxpayer.

Locked in today at 5.25% under the making home affordable refi. Started calling back in April but got nowhere. Called as recently as 3 weeks ago with nothing. Middle credit score of 773. Info:

Lender Wells Fargo

Home purchase Sept 2006 216K using 80-20.
First loan 6.5% 5-1 ARM current balance 170K
monthly payment 1399.83

Second Home equity loan 8.0% fixed 30 years current balance 42K
payment 342

WF valued my home using the computer tool at 211K

First loan refi to 5.25%. New payment 1230.XX (dont recall exact change) 30 year fixed.
Closing cost quoted $2080 total although I have not seen the GFE yet. Would like to have done this months ago under 5% but happy with it finally getting done. Once this closes I might look at the second but for now going to put the $160 into that second mortgage to pay it down.

Anyone with any suggestions for the second?

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