Question by Sandy B: Can my lender force me into an escrow account under the Home Affordability Refinance Program?
My husband and I were informed by our lender that if we refinance under HARP (Home Affordability Refinance Program), healing hospital we have to set up an escrow account. I can only find that escrow accounts must be set up under the modification portion of the program but not the refinance. My loan is owned by Fannie and I live in CA.
Best answer:
Answer by sassy25
Yes your lender can. That is their stipulation for refinancing your loan.
It is a take it or leave it deal.
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Actually it is required under the program if you go over 80% loan to value on the first mortgage. It’s not the lenders call.