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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.
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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