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Old 12-30-2009, 05:03 PM
skendo skendo is offline
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Join Date: Dec 2009
Location: Florida
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Default Refi upside down mortgage

Live in FL and in an upside down mortgage with a 5/1 ARM interest only that is due to adjust in about 9 months. I have been approved for refinancing under one of the federal plans allowing me to finance more than 105% of value of home. In doing so I'll be increasing my mortgage by about another $5K, will have to bring $2,500 closing costs, and also need to pay off some outstanding debt ($6,400) on a home equity loan. Mortgage rate provided on the refi was under 6% so not bad.

I have ways I can do this but would would rather wait a few months to pay off the loans, and save for the closing. Should I jump at this while I have a chance? Is there a risk that either a) the federal plans will go away, or b) interest rates will jump up? Or is there no harm in waiting?
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Old 01-02-2010, 02:49 AM
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sapphirecapital sapphirecapital is offline
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Join Date: Sep 2007
Location: Montecito, CA, USA
Posts: 364
Default Re: Refi upside down mortgage

only way interest rates are going is up, when in detail is the money question, my crystal ball is dark
Answers are for general information only and should not be construed or relied upon as legal or financial advice.

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Old 08-29-2011, 11:29 PM
debt.advisor debt.advisor is offline
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Join Date: Aug 2011
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Default Re: Refi upside down mortgage

This means taking an honest look at present real estate values of comparable houses to yours in your neighborhood. This can be shocking when you look at recent sales of these 'comps'. Your house may have incurred a decrease in market value recently that pushed it being worth less than you owe on the house.
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