Morgan Brown's Discussions

Zoanax,The number one thing to remember when using these services is just because they sell your information to "only" 3 or 4 "approved lenders" there are many of those lenders who hand your information out to 10 or more agents. They play the "who can get zoanax on the phone first" and you get hammered with phone calls.Be prepared to spend a lot of time on the phone, sifting through a lot of bogus offers as these people try to compete for your business. If you are set on using the internet to find financing you should check out the article I wrote about it in the Zillow Real Estate guide called "Six Things You Should Know Before You Shop Online for an Interest Rate" which can be found here:http://www.zillow.com/wikipages/Shopping-for-interest-rates-onlineGood luck, and remember the old adage "If it sounds too good to be true, it probably is!"

The PMI companies pay insurance on the homes that have insurance included. They are not there to bail out the entire company. If you look at the PMI companies (PMI, MGIC, Radian) they are all struggling under the weight of this fall out as well.Plus PMI only covers the amount above 80% of the property value, not the entire loan amount; and has very specific guidelines that lenders must follow in order for the PMI not to be voided. So, for example, there was an article recently about foreclosed homes in San Diego going for 67% of their market value - the lender is still taking a 13% loss (above and beyond their PMI coverage) on each dollar below the PMI coverage amount.Also, as far as I know there isn't a lender-based bail out from the government yet; except for the opening of the Fed discount window for lenders to borrow additional money.

eurovw -sorry to jump in here but you can most likely refinance the first mortgage while keeping the second. you want to ask whomever conducts the refinance of your first to subordinate the second. They will need to get a subordination agreement from the company that is servicing your 2nd. That keeps the second in place and lets you refinance the first.Not all lenders will subordinate, but many will as there is clear benefit to a 2nd position lien holder to keep you in good shape on your first. So the answer is you can probably keep it; but be sure to get the answer up front from the 2nd mortgage holder.