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aircop66 · Joined: 05 Jan 2009 Posts: 2 2.69 Dollars($)

I am approved by my current lender for a short refi because of a financial hardship, but I can not find a lender because I am 3 month past due on my payments. Does anyone know a lender that will help me out? A loan modification will not work in our current financial situation, I have already tried it. Someone please let me know something fast. Thanks in advance, Aaron.

jameshogg · Posted: Mon Jan 05, 2009 11:25 pm Post subject:

Hi aircop,

Isn't your lender giving you a short refinance? You can get a short refinance from your lender as well. This community has a large number of lenders. You can speak to them and seek a no obligation free mortgage consultation. This will help you to know what kind of rates and terms you might get. Let's hope they will be able to help you.

Thanks

aircop66 · Joined: 05 Jan 2009 Posts: 2 2.69 Dollars($)

It is a servicing company and they only agreed to the short refi. I need a lender to take a chance on me. Before this, I would have never thought I would be in this situation, but I am and I need some help. Someone has to know someone.

adonis · Posted: Fri Jan 09, 2009 12:35 am Post subject:

You can follow the advice given by James and speak to the lenders of this community. Check with if you are eligible for a short pay refinance or not or what type of rates you can get in the market. If possible you should also speak to the local lenders and see what rates they are offering to you.

Guest

Hi,I'm in a situation like millions out there I want to keep my home but I can't find any lender that would refinance me.I have no equaity in this house,is there any short-refinance lenders-broker working with property in new york? owner occupy,please let me know thanks.

[E-mail address deleted as per forum rules. Thanks.]

Niicss · Posted: Mon Nov 16, 2009 1:45 am Post subject:

As there is no equity in the property, it won't be possible for you to get a refinance. Lenders won't refinance the loan if you don't have at least 20% equity in the property. As you want to keep your home, you should apply for a loan modification with your lender.

Guest

That is incorrect niicss, that's why they call it a short refi. You're lender will approved the a short refi. The only challenge is to find another lender that will do the short refi for you.

Guest

Actually, whomever has a lender that is willing to work with one and accepts a short-pay on what you currently owe them, you have two ways of moving forward. 1st is; you are current on your mortgage payments and eligable for a new loan that with a direct lender like mine that only requires 3.5% down and new lender will finance 97.5% of the properties current market value. 2nd is; you are past due on mortgage payments or have late payments in the past 12 mo. then you must speak with a private lender which I can refer to anyone and they will loan you at a rate anywhere from 7.5-8.75% vs 5.25% for one who is current on payments. I hope this makes sense and helps. By the way I can truly say I have done my fair share of these transactions.

Guest

Hello aircop, I have a lender you may want to speak with. Let me know if you are still in need of help. Thanks, Oscar

Guest

Hi I'm in the same situation as aircorp. Don't really want a modification, because houses are 1/2 of what I owe. However, my loan is also through a servicing company and they said they would consider a short refi for about half if I can find a lender. Here's the sticky part....I know I can't get financed, but I recently got remarried and my husband can get financed and even put 50% down on th;e loan. I need to add him to the deed. Just need to find a lender who will take it. I'm interested to know anyone who can help.

Guest

Oscar1....I would love to the names of anyone you can suggest.

smithsussane · Posted: Thu Jun 24, 2010 11:45 pm Post subject:

Hi zeek!

Welcome to forums!

You will have to add your husband's name to the property deed with the help of a quit claim deed. Once his name is added to the property deed, he can start applying for mortgage with the local lenders. If he meets the required criteria of the lender, he will be able to qualify for a refinance.

Feel free to ask if you've further queries.

Sussane

stricklandjohn1 · Joined: 28 Jun 2010 Posts: 2 1.27 Dollars($)

I'm in the same situation as aircop as well - just looking for a lender to fund a short payoff of existing loan.

Thanks

Guest

You can contact your present lender and check out if he can help you with a short payoff for your existing loan.

stricklandjohn1 · Joined: 28 Jun 2010 Posts: 2 1.27 Dollars($)

To clarify: My current lender has agreed to accept short payment contingent on getting the loan off their books - so I need a new lender for this financing. I have great credit, but the lenders I've spoken to do not want to fund a short payoff.

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