HARP 2 Condo Financing Trouble
by Jen from Colorado, Laura from Naples, Florida, Norris from Clearwater, Florida, and Patricia from Fort Lauderdale, Florida
Ask Kate about HARP 2.0 condo financing trouble: We are in the process of trying to refinance our condominium which is our primary residence, under the Harp program. Our mortgage broker said that he has hit a snag because our address with Bank of America (our current lender) does not match the address on file with Fannie Mae.
Jen continues... Our condo's unit number is missing in FM's records.
Our broker told us that we have to get someone from BOA to contact Fannie Mae to correct this problem. He said, with his experience, this can be painstaking and could take a long time, if it happens at all. In the meantime, our loan is not sell-able with this FM address mismatch.
We would refi directly with BOA but they are offering a relatively high interest rate compared with our good faith estimate from our broker - 4.1% vs 3.75%.
We are great candidates for HARP and would love to get this refinance underway. We are also great candidates for a regular refi, but over 10% of our condo complex is owned by a single owner. (There are only 18 units in the complex and one owner owns 2 units!)
What should we do? Can I call Fannie directly? Do you have any advice in getting this change to happen quickly? Any advice you can give would be really helpful.
Kate Answers: HARP 2.0 Condo Financing Trouble
Dear Jen,
I doubt it offers little cheer but other homeowners of condominiums are reporting similar problems.
In a few cases, the street name is so lengthy, there is no available room to include the entire unit number. For others, it's a data-entry problem. Either scenario could be the culprit in your case.
Ask BOA to Help with Condo Address Correction
Regardless though of the reason, what should you do? First, make sure that the error is not a simple one. Call Bank of America and ask if they can see any words or symbols such as
#, Unit, Apt., or No. before the actual unit number when they are verifying that your mortgage is backed by FNMA.
(The actual unit number should not be preceded by any symbol or word.)
Then take the opportunity to further enlist their help by asking for their contact name at Fannie Mae to streamline your next call. Yes, it's a long-shot but you don't have anything to lose by asking.
3 Ways to Contact Fannie Mae Mortgage Help Centers
If the bank won't lend a hand, call the free Fannie Mae Mortgage Help Center to make an appointment to speak with one of the FNMA housing advisors. They also provide in-person assistance. Unfortunately, there are no physical FNMA Mortgage Help Centers in Colorado. So assuming you'll need to have a phone conversation, call 1-800-7FANNIE.
Fannie Mae Mortgage Help Center Locations
Homeowners with Fannie Mae mortgages can meet face-to-face with a FNMA housing advisor. Their physical centers are found in Atlanta, Capital Area, Chicago, Dallas - Ft. Worth, Inland Empire, Jacksonville, Los Angeles, Inland Empire, Miami, Philadelphia, Phoenix, Sacramento, Saint Louis, and Tampa. Make a personal appointment to meet with an advisor by calling Fannie Mae at 1-800-7FANNIE.
Besides using the toll-free phone number or making an in-person appointment, a third way to get help is to fill out the online form found at
Fannie Mae Loan Lookup. I suggest you attempt this to verify the incorrect address. If you also discover the foul-up, you will need to call FNMA directly.
Again, that phone number for a Fannie advisor is 1-800-7FANNIE.
Be prepared with a 3rd party verification of your address such as your title report that came in your closing documents when you got the mortgage. Ask Fannie how long it will take to correct their official records.
Most importantly, ask if they will provide you with a temporary document that verifies your home loan is owned by Fannie Mae so you can begin the refinance process and lock in your interest rate with your broker.
Good luck and best wishes,
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