Another map mashup. This one not as pretty.

We just refinanced and collapsed two mortgages into one and locked the whole thing down to a fixed rate mortgage (if you’re looking for a mortgage broker, Anthony Ingoglia is your man) to avoid the 2nd loan adjusting upward upon it’s 10th year anniversary. A lot of people were in the same boat as us, taking out a 2nd in order to be able to afford to move into their home back when the market was booming in 2004. The first round of adjustments hit us three years ago in 2009 when the 5/1 loans adjusted. Another group hit when the 7/1 adjusted. The final round will hit when the 10/1s like ours adjust.

Those that are unable to refinance because their homes are underwater are going to get hit and on the map above you can see where the flood waters of negative equity will hit. It’s not a pretty picture.