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Have you looked up the address on Fannie Mae or Freddie Mac's website to determine if you are eligible for a HARP refi? If you are eligible, the HARP program will work to get the 1st loan in your name only. You won't be able to do anything with the 2nd mortgage at 7.75%. HARP does not allow you to consolidate the 1st and 2nd loans together. The only thing you would be able to do is refi the 1st mortgage. Personally, I would keep the loan you have right now. You are not going to get a better rate than the 3% rate you have right now. I would expect the rate to stay that low for at least a year. My adjustable has been bouncing between 2.75% - 3.5% for the past several years. At some point it should go up, but as long as the economy continues to struggle like it has, the chances of the rate going up anytime soon are minimal.
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