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swtch7 · 06-24-2009, 04:33 PM

Hey Guys/Gals,

To start off, thank you for any help in advance. I'm stuck between a rock and a hard place like many of you but was hoping to get some advice or new routes to follow.
Facts:
80/20 loan.
80 loan is 222,000 at 4.5% (arm) will expire in 2 1/2 years
20 loan is 24,000 at 9.5% (fixed)
Bought the home for 255,000
just appraised for 225,000

Trying to refi to get out of this ARM, was locked in at 5.75 and then the appraisal came back....

I dont qualify for the HARP (obama) loan because my investor isnt the two big ones.

So, I would like to know if I would have any chance to refi just the 80% loan. Welsfargo says no but Quickenloans.com says they can do it.. but a 750$ is needed to start the process.....

Sounds fishy to me.

Other option is to start paying more on my current loans and hold out until the reset. Then either refi or sell the home and hope the value goes up.

Thanks!

06-24-2009, 04:33 PM	#1 (permalink)
swtch7 Junior Member Join Date: Jun 2009 Posts: 2 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	ARM Loan, underwater. Need ideas Hey Guys/Gals, To start off, thank you for any help in advance. I'm stuck between a rock and a hard place like many of you but was hoping to get some advice or new routes to follow. Facts: 80/20 loan. 80 loan is 222,000 at 4.5% (arm) will expire in 2 1/2 years 20 loan is 24,000 at 9.5% (fixed) Bought the home for 255,000 just appraised for 225,000 Trying to refi to get out of this ARM, was locked in at 5.75 and then the appraisal came back.... I dont qualify for the HARP (obama) loan because my investor isnt the two big ones. So, I would like to know if I would have any chance to refi just the 80% loan. Welsfargo says no but Quickenloans.com says they can do it.. but a 750$ is needed to start the process..... Sounds fishy to me. Other option is to start paying more on my current loans and hold out until the reset. Then either refi or sell the home and hope the value goes up. Thanks!