Please Update Your Post
Charlotte,#2Consumer Comment
Wed, April 02, 2008
Hi Rodney, I read your post, and I wish I could say its the first time I've heard that from this company. Were you able to get out of that loan? If you haven't, I would recommend doing so asap. I work in the mortgage business as well, and things have gotten pretty ugly in Virginia. There is a ripple effect coming from the DC area and property values have plummeted all over the state. As far as the prepay is concerned, if you're going to an 8.6 to a conforming or government loan, the money you will save in your montly payments will make up the prepay in no time. One thing I know for certain... there are a lot of people in Virginia that were in a similar situation to you. They decided to wait to refinance, now they don't have the equity to get it done. They either have to sell their homes, ride out the adjustable rate mortgage and hope it doesn't get too far out of their budget, or let their homes go. Its a sad situation. If you still need help with this, let me know and I'll be happy to point you in the right direction.