[mmdd2b]

Hi,
So sorry this is way off topic. I am concerned about getting my loan to jive with our current financial upset this year. I was talked into an ARM loan for five years, ends 2010.....so scared that I can't make the next step work for us. I don't want to be with whatever they throw at us at that point.

Am trying to refi or anything, but with the economy issues and property value I am sunk. My loan apparently is with a private investor that no one will disclose it's name so I can't go with the Obama plan, unless I go the modification way.

Is there a way to refi or should I just wait it out and see.

Any advice from families out there.

Kristy

[gigigeorge]

When we did our ARM at 3.5%, the loan docs specified it could only go up by 2 points the first year then 1 each year for a max to 7.5%. The 4th year of the ARM we looked at whether we should refi but at that point it only went to 5.5 which was better than we could get. the 5th year it went to 6.5 which was comparable with what was out there but we did the refi that year because it would have gone to 7.5 the following year which was higher than you could get just off the street.

Your loan docs should specify the terms of what happens at 5 years, there should be specified raise but not unlimited. Look at what it would cost to do the refi vs paying slightly higher for another year hoping the housing market levels off. IMO

Hope that helps !

gina.