I have a mortgage with BOFA. Due to circumstances beyond my control (job loss) I called about a loan modification. I do not qualify for the refinance as I am underwater on the mortgage. I was told I don’t qualify for a modification because my mortgage has ‘lender paid’ PMI. This caught me by surprise…Now I know that if you have PMI you can’t qualify for a modification, but I’d never heard of lender paid PMI. I researched my loan docs, and I see no reference to it. Is this a legit? Can someone lend me their wisdom? Thanks!!

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