I haven’t said much on Debt Blag about my rental properties, even though refinancing their mortgages was one of my 2013 resolutions.
I’ve got two properties — an apartment and a townhouse, both in Texas. I call the apartment Thalia and the townhouse Calliope.
I was pretty sure I was sunk with Calliope because she was showing up at 85% loan-to-value on sites like Trulia, but came across the Home Affordable Refinance Program (HARP). Now in its second version after being introduced in 2009, the program allows
The Bank of America mortgage refinance snag: I was most of the way through a HARP refinance with BofA when crazy tempests descended (actually, pretty moderate winds) upon the rental property, leaving me with just over $100 in damage. BofA suspended the refinance process while I made the repairs, but in the week it took to get an appointment to complete the repairs, they sold my loan to Green Tree Servicing. I was told by both BofA and GT Servicing that they cannot re-start the HARP application process. This wouldn’t be terrible if it took the 5-10 days they said it would take to make the transfer, but it’s been a month.
I’m super-annoyed right now. Every extra day that the transfer takes is a day that I’m at 7.5% instead of the 4%ish I’d be at with a HARP refinance. With my current balance, that’s about $400 a month.