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Short Sale Refinance

Posted by Anynomus Guest on October 18, 2012 at 7:04am in Short Sale Discussions

Good morning all,

Has anybody worked with or knows of a lender that will work with home owner on a short sale refinance?  The way it was explained to me, is refinancing your residence at the current market value, the existing lender would accept the refinance from another lender at the lower amount (current value).

 

I am in California and would like to explore/discuss with a realtor or lender that has been successful with this approach.  New to me, I have never heard this before.

 

Thank You

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Replies

  • Trina October 22, 2012 at 8:16am

    I personally referred a lady to Freedom Mortgage who helped her refi an FHA backed investment property that was underwater .... they lowered her payment about $200 and her interest rate from 6.75 down to 3.78 FIXED .... she was nver behind and had a 680 credit score ... it TOOK A LONG time (~3 months) and she had to bring $1500 to closing BUT the house now has a Do-able payment and is now being sold as a FSBO Lease Purchase .... Will that help any of you???

    • Anynomus Guest > Trina October 22, 2012 at 9:00am

      Hi Tina,

      Thank you for you input.  I will follow-up.

      Ken

  • Teresa Dietrich October 21, 2012 at 4:53pm

    I have successfully completed a short refinance using a small local lender whom the borrower had a good track record with.

    We were able to get a significant reduction in principle by doing this - 1 million dollar loan down to 740k. The borrow did have other assets to cross collateralize with also.

    Most lenders are willing to do these, it is always worth a try.

    • Anynomus Guest > Teresa Dietrich October 22, 2012 at 4:38am

      Thank you Teresa, I will try to find a lender that can give it a shot.

      • Teresa Dietrich > Anynomus Guest October 22, 2012 at 5:08am

        You will need to put together an LOI stating what price you are offering to refi at, the loan approval letter, and a HUD one showing the proceeds to the bank.

        Thanks,

        Teresa

        • Anynomus Guest > Teresa Dietrich October 22, 2012 at 9:00am

          Thanks again Teresa.

  • Chris Andries October 21, 2012 at 3:01am
    I work with a great lender name Eric Mitchell here in CA. Here is his info. Email or call him, he might be able to help. Tell him Chris Andries referred you.

    Eric Mitchell, Senior Vice President
    Priority Financial Network
    Office: (888) 696-1344 Ext. 729
    Fax: (888) 696-1344
    emitchell@eric-mitchell.com
    • Anynomus Guest > Chris Andries October 22, 2012 at 5:01am

      Thank you Chris

    • Melvin Vy > Chris Andries October 21, 2012 at 5:26am

      If you are having a clients meet this criteria please send them to me, I might be able to help. realestate.vy@gmail.com. 

      You may be eligible for FHA Short Refinance if you meet the following criteria:

      • Your mortgage is not owned or guaranteed by Fannie Mae, Freddie Mac, FHA, VA or USDA.
      • You owe more than your home is worth.
      • You are current on your mortgage payments.
      • You occupy the house as your primary residence.
      • You are eligible for the new loan under standard FHA underwriting requirements.
      • Your total debt does not exceed 55 percent of your monthly gross income.
      • You must not have been convicted within the last 10 years of felony larceny, theft, fraud, forgery, money laundering or tax evasion in connection with a mortgage or real estate transaction.
      • Anynomus Guest > Melvin Vy October 22, 2012 at 5:01am

        Thank you Melvin.  Let me review and get back with you.

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