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Old 09-06-2008, 03:31 PM
 
19 posts, read 70,426 times
Reputation: 16

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Hi,

When we moved to the Bay Area, CA from the East Coast a couple years ago we got into a house with an 80/(2.5 down)/17.5 piggyback loan. Our broker indicated that things were "different" in CA and that we would simply see appreciation in 2 years and be able to re-fi the piggyback which was a 2 year ARM. Well 2 years is up in November and I've already submitted a request for an extension to the piggyback because I don't think I'll be able to re-fi it under the current industry conditions. Any advice? Obviously I'm looking to take this as a lesson learned and try to get into a locked rate for the duration. We're on the peninsula and we have seen a slight appreciation but my understanding is that banks don't want to re-fi piggybacks at all.

Thanks for any guidance
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Old 09-06-2008, 04:44 PM
 
Location: Charlotte, North Carolina
5,137 posts, read 15,113,733 times
Reputation: 1008
1. What is your current rate on the 1st and 2nd loan?
2. What will be your new rate?
3. Is the 1st adjusting or the 2nd loan adjusting?
4. Are they with the same lender?
5. What is the 1st loan amount? What is the 2nd loan amount
6. What is the approximate appraised value?
7. What is your current credit score?
8. Did you go full documentation or stated?
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Old 09-07-2008, 02:25 PM
 
Location: Fort Myers, FL
1,286 posts, read 2,597,955 times
Reputation: 249
Can your current income allow 45% of it to afford your total monthly mortgage obligations?
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Old 09-08-2008, 09:36 PM
 
Location: Plano, Texas
1,676 posts, read 6,344,209 times
Reputation: 684
You need to find out what your rate is going to adjust to. With the information you gave it is pretty difficult to give you advice. My own home is on a 5 year arm and i wish it would adjust right now because my rate would go down. I would suggest contact your lender and see what rate your loan will adjust to then post back with the answers to the questions asked by renriq02.
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Old 09-09-2008, 11:56 AM
 
Location: Beautiful East TN!!
7,281 posts, read 18,731,374 times
Reputation: 2751
Quote:
Originally Posted by VictorBurek View Post
You need to find out what your rate is going to adjust to. With the information you gave it is pretty difficult to give you advice. My own home is on a 5 year arm and i wish it would adjust right now because my rate would go down. I would suggest contact your lender and see what rate your loan will adjust to then post back with the answers to the questions asked by renriq02.
I agree with this. I have an adjustable rate mortgage that was done 10 years ago and is lower than anything I could refinance into right now. Be sure to check out all the terms of your loans. Pull out all the documentations you were given during the process from your lender and from the closing, all your answers should be in there.
Hope that helps.
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Old 10-12-2008, 02:57 PM
 
Location: Broward County
2,518 posts, read 9,708,766 times
Reputation: 1333
you can't refinance in todays market. Stop paying....foreclose on it.....it will take about a year before you are evicted......and prepare yourself for the rental market.
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Old 10-12-2008, 06:33 PM
 
Location: Apple Valley Calif
7,475 posts, read 19,611,272 times
Reputation: 5583
Quote:
Originally Posted by heydade View Post
you can't refinance in todays market. Stop paying....foreclose on it.....it will take about a year before you are evicted......and prepare yourself for the rental market.
That's totally bogas advice and you shouldn't be giving any if you can't do better than that...!

Sounds like something a real deadbeat was say...
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