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New Member
Posts: 10
Registered: ‎08-15-2007
0

I have a 115% mortgage on a 3 Year Arm...is there hope?

Hello all,
 
I am new to the forum, so forgive me if I am asking silly questions.  Here is my situation.  My FICO is around 620, not sure what the rest are, my wife's score is around 595 and we currently have a 115% mortgage on our home.  Actually, it is a 100% first and a 15% second.  We did this to try to consolidate, but I am thinking now that it may have been a bad move.  Anyway, we make decent money between the two of us (~$95,000), and would be fine paying all of this if we had a better rate, but I can't get a better rate until I pay down our credit card debt (~$14,000)...and we can't afford to pay down our credit card debt...because our mortgage payment is so high....any ideas or help is greatly appreciated.
 
jayray
New Visitor
Posts: 1
Registered: ‎08-15-2007
0

Re: I have a 115% mortgage on a 3 Year Arm...is there hope?

what did you do with the money you got on the refi?  You should have paid that credit card off
New Member
Posts: 10
Registered: ‎08-15-2007
0

Re: I have a 115% mortgage on a 3 Year Arm...is there hope?

I did pay off cc's...prior to the refi we had close to 45k in revovling debt.....the idea was that over the next 3 years, our home would appreciate ~5% per year (which is what it has averaged over the last 3-5) and we would be back to even....but I am getting a little nervous about the whole thing...feeling a bit trapped...
Moderator Emeritus
Posts: 6,182
Registered: ‎03-29-2007
0

Re: I have a 115% mortgage on a 3 Year Arm...is there hope?

You and millions of others are in the same situation. Very sad. You will be hardpressed to find a lender to do a refi until you can get the LTV under control.
Frequent Contributor
Posts: 489
Registered: ‎05-23-2007
0

Re: I have a 115% mortgage on a 3 Year Arm...is there hope?

First piece of advice is never do a 2 or 3 yr ARM unless your able to refi within 12 months. I recommend pulling all 3 of your scores and your DW's to see what your mid score is. If you are in the 620-640 range you should be able to goto a real bank and get a fixed rate with little to no out of pocket expenses except for a new appraisal. Break down your CC debt by each card and focus on paying off all but $20 on one card month and mothball it starting with the one with the lowest balance first.
Contributor
Posts: 139
Registered: ‎08-04-2007
0

Re: I have a 115% mortgage on a 3 Year Arm...is there hope?

Maybe NACA can help. I saw that someone on this site was able to get favorable rates using them.
 
New Member
Posts: 10
Registered: ‎08-15-2007
0

Re: I have a 115% mortgage on a 3 Year Arm...is there hope?

I tried to look into a refi with a fixed rate, but the loan officer actually quit returning my calls.  She called me once and told me that my score was around 605 (it has since jumped back to 620....) and that she would do some checking on why it was so low....but hasn't called me back...and won't return any of my messages.  Meanwhile, I got a "loan letter" ( I apologize, I cannot remember the term) in the mail with an estimate of what she initially thought she could give me, and she was charging 10% origination!!  Seems a bit counterproductive...is this the norm for "high risk" folks like me?
 
Thanks
 
Jayray
Regular Contributor
Posts: 197
Registered: ‎06-08-2007
0

Re: I have a 115% mortgage on a 3 Year Arm...is there hope?

Jay, try NationStar Mortgage. Look them up on the internet and give them a call. I've been very pleased with their process. You might have more value in your home than you think, especially if you aren't in a "depressed" real estate area of the country.

Let 'em try and help you and let us know how you do.
New Member
Posts: 10
Registered: ‎08-15-2007
0

Re: I have a 115% mortgage on a 3 Year Arm...is there hope?

Hawk-
 
Just called them and they told me that they do not do 115% ltv loans....any other options?  I am willing to look into anything...

Thanks
 
jayray
Frequent Contributor
Posts: 489
Registered: ‎05-23-2007
0

Re: I have a 115% mortgage on a 3 Year Arm...is there hope?

How long ago did you close on the ARM?? If its been within the past 12 months. I would continue to pay off what you can for another year then look to refi between 2 and 3. You and the DW need to come up with a budget and pay off your CC.

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