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bucklepants · Joined: 09 Jun 2009 Posts: 1 1.40 Dollars($)

I have questions about getting a short refi. I live in MN. We are upside on our equity. I just lost my job, but my husband is still working full time. We have never been late on a payment, and our credit scores are pretty average. Our lender is Chase. Any hope of a short refi? What are the risks and costs? Risks being: will it be hard to sell and buy a new home later on down the road, app 2-3 yrs from now?

Thanks.

Niicss · Posted: Wed Jun 10, 2009 3:38 am Post subject:

Hi bucklepants,

Short refinances can be helpful in avoiding some foreclosures. The borrowers could refinance their loan but with some of the debt forgiven. However, this is a rare procedure and hardly any lender would agree to this.

You should first apply for a short refinance and check whether he would accept it or not. There are chances that the lender will not accept this. If your lender does not accepts your offer. check out the option of loan modification.

Thanks.

brian3 · Joined: 09 Jun 2009 Posts: 80 21.31 Dollars($)

I agree with Niicss, short refinance is hard to achieve. There are companies that supposedly specialize in this sort of thing, but as far as I can tell what they specialize in is taking about $1,000 in upfront fees from the consumer before they tell them their bank won't agree....save the money call them yourself and tell them your scenario.....squeaky wheel gets the grease

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Short refinance qualifications, costs and risks.