Posted: Tue Sep 23, 2008 8:01 pm Post subject: Short refinance - What is it all about?
Are lenders allowing short refinance? I live in Florida and owe 75K more than my property is worth. I dont know what to do. Things are financially tight for my family. If I get to the point of foreclosing or short selling I feel it would be in the best interest of the lender to allow a short refinance. They dont take receipt of another property & the dont have to hand all the paperwork of a short sale. In my area I do not see prices possably coming back for many years. We have huge inventories and builders with 1000 unit lots waiting for a sign to build again. Thank you.
Posted: Tue Sep 23, 2008 11:03 pm Post subject: lenders allow short refinance?
HI Octman!
Welcome to forums!
Normally lenders do not agree for short refinance when you are unable to pay the loans. They would rather go for a short sale or foreclosure. You can speak to your lender regarding short refinance and see if you make him agree. Wish you all the best.
Posted: Fri Sep 26, 2008 3:35 am Post subject: do lenders agree for short refinance?
Hi Octman!
Lenders will not agree for a short refinance because a short sale or a foreclosure will be more beneficial for them.
Thanks,
Jerry
Rocio Guest
Posted: Wed Oct 15, 2008 10:26 am Post subject: Short Refinance
We are working on a few short refinance and what we have found is that it's very similar to a short sale. You are working through the banks loss mitigation dept and every bank is different, some will allow when it makes sense and others will not. It does not hurt to try, if you are interested in finding out more, you can contact us at 888-535-0111.
Bill in California Guest
Posted: Tue Dec 02, 2008 9:35 pm Post subject: short payoff refinance
I successfully negotiated a short pay refinance on our first and second mortgages. They lowered our principal balance by 100K. The problem I'm having is finding a lender to give us the new loan!! We qualify and our LTV is 80% but no bank will touch it. We've been approved with 5 banks, but in the end they back out for one reason or another. Can anyone help?
What are the reasons that the bank is citing for not giving you the loan? It will be easier for me to answer if you can explain the situation in details.
Thanks. _________________ Good is the Enemy of Great.
the short sale man Guest
Posted: Thu Dec 18, 2008 7:57 pm Post subject: short pay refinance
Posted: Fri Dec 19, 2008 12:13 am Post subject: short refinance
Welcome,
In a short refinance, the lender refinances the mortgage for a borrower who is currently in default on his or her payments. This is good way to avoid foreclosure.
In short pay refinance, the new loan amount is less than the existing outstanding loan amount and the difference is forgiven by the lender. It may vary from lender to lender whether he will agree on a short payoff refinance or not. A lender might agree because it is more cost effective than foreclosure. _________________ Procrastination is the enemy of your financial sucess
octman66
