We bought a house a few years back but could only get a 5 year loan, the interest was 4% which is good, we really wanted a 30 yr but the banks weren't being very helpful as it was when the S was hitting the fan. They slapped us with a Mortgage insurance which I've been trying to get rid of but since the house lost some value they want more money down and its too much right now so we're basically stuck with the MI. Ok so here is my question.... when the 5 yr load ends, what happens?? We will have to get another loan obviously but what if the house is underwater and they require money out of pocket to put into it to get the new loan and what if its too much?? Is the house lost? Are we forced to sell it or get it forclosed?? The situation isn't even that drastic but Im just thinking worst case scenario. I see the aprs are going up especially the 30 yr ones and it has me worried. Any experts on this??
Thx
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