Offered HARP refi from Quicken...

[tobee43]

From what I understand most HARP and HAMP loans require an escrow for taxes and insurance. I had to allow the bank to do that in order to close my HAMP loan, even though we were current on both.

i can certainly understand their position but what it sounds like to me is they want Faust to pay up now or before the closing. unless i understood that incorrectly (which is always possible ) i wouldn't do that, i would wait until the closing for any money to exchange hands, since it could be just another ploy on the part of the bank so they don't have to dish out the taxes which they would do since they don't want to lose a property over back taxes.

[btbeme]

i can certainly understand their position but what it sounds like to me is they want Faust to pay up now or before the closing. unless i understood that incorrectly (which is always possible ) i wouldn't do that, i would wait until the closing for any money to exchange hands, since it could be just another ploy on the part of the bank so they don't have to dish out the taxes which they would do since they don't want to lose a property over back taxes.

If the bank is "requiring" payment before they will close the loan, they must do so in writing. It is likely that they would do so as part of the closing conditions of the loan. Faust also has the option of agreeing to pay the arrears via the escrow that is open - the escrow company will take his check and see that the arrears are paid at the close of the loan. That is their job - to be the independent money-changer in this transaction.

Independent being somewhat misleading, since the escrow company is likely a branch of the bank itself.

[tobee43]

i guess i just don't trust anyone anymore. it's a shame. i personally would feel better having it in writing of course, as long as it's included in the closing aspect and not before. the escrow account would be fine also, as you point out tho, it's part of the bank itself.

[Faust]

Supposed to close Wednesday!! We'll see...

[Faust]

Loan has closed and disbursed! Now to wait for the overpayment and the escrow check. So now we know it is possible to refi a bk'd mtg that has NOT been reaffirmed.

[tobee43]

congrats!!!!!!!!!

this is a BIG deal!!!! this is the "start" of moving forward! hopefully for many.

[angles]

why can't you pay the taxes at the closing...only way i would pay them.

exactly.