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QUOTE(Capt'n Mike @ Aug 12 2009, 10:49 PM) <{POST_SNAPBACK}>Good topic. If you do a search on 'making homes affordable' you should come across a previous post where this topic was discussed. I'd love to refi for a better rate, but am not comfortable with tacking 5K onto the mortgage, even if it drops my payment by a couple hundred.
Good luck with that program. My current mortgager ran some initial numbers and would do nothing else. I then talked with another bank and was told that not one of all their applications for refinancing under Obama's plan had gone through. Mine, I was told, made it the furthest. But even though my primary mortgage was 80% of what I had paid (did the "piggy-back" thing to avoid PMI), the appraisal came in too low to make the process justifiable. I've never missed a payment, have excellent credit, and fit the criteria to a tee, but still was not able to be helped. Nice plan Obama!
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Good luck with that program. My current mortgager ran some initial numbers and would do nothing else. I then talked with another bank and was told that not one of all their applications for refinancing under Obama's plan had gone through. Mine, I was told, made it the furthest. But even though my primary mortgage was 80% of what I had paid (did the "piggy-back" thing to avoid PMI), the appraisal came in too low to make the process justifiable. I've never missed a payment, have excellent credit, and fit the criteria to a tee, but still was not able to be helped. Nice plan Obama!
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