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short refinance

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maxima Guest	Posted: Sat Feb 05, 2011 8:04 pm    Post subject: short refinance Like 0 Dislike 0 Thanks for this forum. We own a home in Oregon and had to move almost a year ago due to a relocation for my husband's job. We haven't been able to sell the home and the prices have dropped so much that we cannot afford to sell it at this price. We have tried calling our bank and there are no programs for us as we do not live in the home. We know that we have to keep the home and lease it out but our payments are much more than the amount we could rent it for. We are in an interest only loan and it will also be going up again within the next year. We were contacted by a company called Consolidated Loan Group out of Florida to do a short refinance but wasn't sure because the reviews were not good. Is a short refinance even an option and are these companies BBB approved? Thank you in advance for any help you can give.
adonis Joined: 22 Oct 2005 Posts: 10574 Location: ALASKA 1090.82 Dollars($)	Posted: Sun Feb 06, 2011 7:38 pm    Post subject: Like 0 Dislike 0 Welcome maxima, Short refinance can be an option for you. You can check out the program offered by Consolidated Loan Group in order to find out if that suits your purpose. Nevertheless, you can even have a word with your original lender and find out if they can offer you the option of short refinance. If they are ready to offer you a short refinance, it will be better to go with them rather than any other company. _________________ Procrastination is the enemy of your financial success
maxima Guest	Posted: Tue Feb 08, 2011 7:35 am    Post subject: short refinance Like 0 Dislike 0 Our lender does not have any programs for us since we are no longer living in the home. I would appreciate any feedback on any other lenders that offer this type of service.
terei Guest	Posted: Tue Feb 08, 2011 10:20 am    Post subject: Like 0 Dislike 0 If it was my loan, I would approach your lender about a short sale. (selling for an amount less than the mortgage balance, but the lender will accept it and zero out the mortgage)

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