So, if I have an option ARM that I have been making minimum payments on with a balance of $650K that has already reset or is going to sometime between now and mid-2010, I can refi that whole balance into a new 5.5% (or so) 30 yr. conforming.
But if my reset is further out than mid-2010, the bank nor the govt will allow me to participate in this program? (with the caveat that the rules don’t change again…)
Additionally, do I qualify to participate if these circumstances change and my outstanding balance is less than $417K?
Also, if I have a non-Freddie/Fannie mortgage, am I going to be able to refi? Do you think the other servicers will be forced to participate?
Lastly, if I am not upside down but have in my loan but do have an exotic loan product, will a servicer (non-Fannie/Freddie be willing to refi me?
I am asking all of these different scenarios because I have multiple friends in different situations that I am trying to advise on this…
