I Am Not Facing Foreclosure

Suntrust has announced that 100% CLTV 2nd mortgage loans are no longer available, no matter what the credit score.  Previously, borrowers could do a fixed rate second mortgage to 100% at reasonable rates or piggy back a 20% second with an 80% first to get 100% financing and avoid private mortgage insurance.

This is a pretty big step as 100% seconds have been around for a long time for good credit borrowers.  In addition, Suntrust announced huge layoffs.

While the trend the last few days has been down in the prime markets, other lenders are still raising rates.  These are mostly the non-conforming lenders that still lend to prime credit borrowers - i.e. your loan is somewhere outside the Fannie Mae/Freddie Mac box. 

My advice is if you are trying to do any kind of loan that is not conforming to Fannie/Freddie guidelines, DO IT NOW!  Too many times borrowers mess around, wait, or whatever and in this current market, the loan you have today may not be available tomorrow, literally.