I've had it up to HERE with BoA

[Fijibound]

My original loan was with Countrywide and now the servicer is BoA. I would like to refi our mortgage which is 6.675% but BoA says that I don't qualify for HARP or HARP2 because "your PMI is in your loan". I have been hung up on four times, received nasty emails and letters from BoA "office of the President" regarding this refi and had enough of them. I make enough money that I could take my 30 yr mortgage and do a 15 (or even a 10 yr) fixed mortgage and spend just a little more than what I do now for the original Mortgage, but as BoA says, the Loan ratio numbers don't work and you are over $100K underwater.

I just had a Securitization audit done and there are problems, as many have seen with Countrywide and their loans. What I need to know is if I stop making payments what happens? I live in MA and have a credit rating of 750. The NOTE is held by Fannie Mae since the loan started in 2007, but BoA is the servicer. The Mortgage can't be with the NOTE, as the NOTE was put into a Trust. The NOTE and Mortgage are not together.

In 5 years, I'm moving from the USA to our other home in Fiji for retirement. I'll be buying a condo in FL for tax purposes and Medicare. I'd like to just stop making payments and let them try to foreclose, as it is my understanding that if the servicer does not hold the mortgage nor the note, it is not possible to foreclose. I would also consider BoA doing something else like a refi, but I'm so p o'd at them right now.....

Suggestions? I believe at this point, I need a real estate attorney for guidance.

[Maurice Bedard]

Good day,

It sounds like you just do not qualify for a refinance, but maybe you do. You have to be from 105% to as high as 125% maximum mortgage loan to of your home's value to qualify for HARP. Maybe if you quit making payments you can get a loan modification, but that is does not guarantee it and now you will ruin your chances at a new loan for the condo. You are caught between a rock and hard place. Unfortunately my thoughts are that a lawyer would not help you at all and would be a waste of money in this situation.