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Due to depreciation now at 110% LTV. I need to refi mort and consolidate HELOC. Any suggestions?

Mortgage is at one bank and HELOC at another. Neither seems to want or be able to work with us. We do not have the funds to pay it down to the 105% to qualify for the "Obama Plan". Need any suggestions and advice that will help us.
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March 05 2009 - Saint Cloud
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Answers (6)

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Profile picture for SoCal Engr

If the 110% LTV really is 110% CLTV (i.e., includes the HELOC), the you might have a chance to refi the first under the the stimulus plan, as long as it doesn't exceed 105% LTV and you meet the other requirements.

Otherwise, I'd have to agree with AzRob.

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March 08 2009
LivinOnSpunk,  How did your meeting regarding your HELOC go?  Yes, you are correct in your previous post.  If your loan-to-value on the first mortgage is less than 105%, you would technically be eligible for the Refi Plus program.  There are no restrictions to CLTV.  You would just need to convince the 2nd to subordinate to the new first mortgage. Hope that helps!
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March 11 2009
Profile picture for LivinOnSpunk
Yes, sorry I meant CLTV, so the stimulus plan doesnt take CLTV just LTV? I guess I misunderstood this. So if I understand this, if the mortgage is a freddie or fannie and it is at 50% LTV then I would qualify for the stimulus program? I am meeting with someone today about the HELOC to see what we can do. Was hoping to get the 2, mort and HELOC, put into 1 loan but if I can even just rework them and get the rates lower I will be happy. Thanks so much for the advice.
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March 09 2009
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We are at a very high rate and would like to get the payments lowered. Also the mortgage loan is an interest only with a ballon. Long story on that one. Really want out of the interest only, combine with the HELOC and make 1 payment for all at a lower rate. HELOC is at 9% and the mort. is at 7.5%.
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March 08 2009
Probably not possible, though I am sure some scam artists will contact you offering to help.
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March 07 2009
Profile picture for tetech2
You need help to do what, exactly?  And why?
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March 07 2009
 
Related Questions
Due to depreciation now at 110% LTV. I need to refi mort and consolidate HELOC. Any suggestions?
Profile picture for Sherri Sherpy
Latest answer by Sherri Sherpy
March 11 2009 | 6 answers
  • Asked by LivinOnSpunk
  • In Refinance
  • March 05 2009
Mortgage Rates
 
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