Profile picture for carla311

I have a 5/1 ARM @ 5% that will come due in Sept 2009. My LTV value is over 100%.

When I add up my HELOAN and my outstanding mortgage coupled the decreasing value in my home I am over 100% LTV. What are my options?
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December 19 2008 - Pawtucket
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Only a modification is realistic if you are hoping for revised terms (contact the servicing lender)...  A short REFI.... where you refi and the lender (servicing lender agrees to accept less than the face value of the mortgage  (again, contact your servicing lender) as they are the only ones that can make that decision/agreement.. After all... it is their money so to speak.  Happy Holidays.
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December 19 2008

You probably will be fine keeping your loans until you get way more equity.
Why refinance it?  You would end up having to pay MI if you consolidate the mortgages, and your rates will probably be good if you keep your loans. (if the indices are the same as they are righ now)
There are no more 100% HELOCs so this might be a good thing to keep if you want that flexibility, and obviously prime is great right now also.
Hopefully you will have more equity before your rates go up so then an FHA refi might be possible.

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December 19 2008
Profile picture for jplorson

Depending on where you live you might have paid more than 80% more than normal real estate inflation would have provided during the bubble.  If you find yourself in this position you have a few options  Continue with your current financing, depending again on where you live, it may take up to 15 years for you loans to meet new market values.  Remember all the creative and special financing has been taken from the market, the financing vehicles that caused the bubble.  New home buyers must again qualify with real incomes and assets.  Requesting a short refinance would at least get you going in the right equity position if the servicer has been given that authority.  If all else fails there is a group that is trying to get the mortgage relief you need.  It cost nothing and is grass roots www.peoplesfix.com

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December 19 2008
Profile picture for Clearpoint
- Pay your mortgage
- Don't pay your mortgage
- Beg for a modification
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December 19 2008
 
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Related Discussions
I have a 5/1 ARM @ 5% that will come due in Sept 2009. My LTV value is over 100%.
Profile picture for Clearpoint
Latest reply by Clearpoint
December 19 2008 | 4 answers
  • Posted by carla311
  • In Refinance
  • December 19 2008
Mortgage Rates
 
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