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I am upside down on my home; will any of the "Obama" mortgage refinance programs help us in any way?

For example, we owe (2nd and 3rd included)485k on an estimated home value of 395k.  Any ideas on how to take advantage of low rates in this position?
  • April 10 2009 - Valley Center
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Answers (1)

You can refinance the 1st mortgage only up to 105% of the value of the home. Both the second and thid mortgages have to subordinated to the new first mortgage, and both lien holders must agree to the subordination. There's no limit on the combined loan to value (CLTV).
  • April 11 2009
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