Short Sale Refinance - Short Sale Superstars2024-03-29T15:28:28Zhttp://shortsalesuperstars.com/forum/topics/short-sale-refinance?commentId=3468065%3AComment%3A273332&feed=yes&xn_auth=noThanks again Teresa.tag:shortsalesuperstars.com,2012-10-22:3468065:Comment:2740272012-10-22T20:00:55.895ZAnynomus Guesthttp://shortsalesuperstars.com/profile/KenCornick
<p>Thanks again Teresa.</p>
<p>Thanks again Teresa.</p> Hi Tina,
Thank you for you in…tag:shortsalesuperstars.com,2012-10-22:3468065:Comment:2740252012-10-22T20:00:29.508ZAnynomus Guesthttp://shortsalesuperstars.com/profile/KenCornick
<p>Hi Tina,</p>
<p>Thank you for you input. I will follow-up.</p>
<p>Ken</p>
<p>Hi Tina,</p>
<p>Thank you for you input. I will follow-up.</p>
<p>Ken</p> I personally referred a lady…tag:shortsalesuperstars.com,2012-10-22:3468065:Comment:2741862012-10-22T19:16:09.436ZTrinahttp://shortsalesuperstars.com/profile/Trina
<p>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???</p>
<p>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???</p> http://www.makinghomeaffordab…tag:shortsalesuperstars.com,2012-10-22:3468065:Comment:2740072012-10-22T18:19:18.674ZKevin Hardinhttp://shortsalesuperstars.com/profile/KevinHardin
<p><a href="http://www.makinghomeaffordable.gov/programs/lower-rates/Pages/short-refinance.aspx" target="_blank">http://www.makinghomeaffordable.gov/programs/lower-rates/Pages/short-refinance.aspx</a></p>
<p></p>
<p>is the link. The problem is there are so few lenders that participate in it. The GSE's do not and if you have an agency or government loan, it is not eligible for payoff under this program.</p>
<p><a href="http://www.makinghomeaffordable.gov/programs/lower-rates/Pages/short-refinance.aspx" target="_blank">http://www.makinghomeaffordable.gov/programs/lower-rates/Pages/short-refinance.aspx</a></p>
<p></p>
<p>is the link. The problem is there are so few lenders that participate in it. The GSE's do not and if you have an agency or government loan, it is not eligible for payoff under this program.</p> You will need to put together…tag:shortsalesuperstars.com,2012-10-22:3468065:Comment:2739102012-10-22T16:08:04.087ZTeresa Dietrichhttp://shortsalesuperstars.com/profile/TeresaDietrich
<p>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.</p>
<p>Thanks,</p>
<p>Teresa</p>
<p>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.</p>
<p>Thanks,</p>
<p>Teresa</p> Thank you Melvin. Let me rev…tag:shortsalesuperstars.com,2012-10-22:3468065:Comment:2738592012-10-22T16:01:54.100ZAnynomus Guesthttp://shortsalesuperstars.com/profile/KenCornick
<p>Thank you Melvin. Let me review and get back with you.</p>
<p>Thank you Melvin. Let me review and get back with you.</p> Thank you Christag:shortsalesuperstars.com,2012-10-22:3468065:Comment:2739902012-10-22T16:01:22.675ZAnynomus Guesthttp://shortsalesuperstars.com/profile/KenCornick
<p>Thank you Chris</p>
<p>Thank you Chris</p> Thank you Teresa, I will try…tag:shortsalesuperstars.com,2012-10-22:3468065:Comment:2738542012-10-22T15:38:58.193ZAnynomus Guesthttp://shortsalesuperstars.com/profile/KenCornick
<p>Thank you Teresa, I will try to find a lender that can give it a shot.</p>
<p>Thank you Teresa, I will try to find a lender that can give it a shot.</p> I have successfully completed…tag:shortsalesuperstars.com,2012-10-22:3468065:Comment:2738492012-10-22T03:53:05.818ZTeresa Dietrichhttp://shortsalesuperstars.com/profile/TeresaDietrich
<p>I have successfully completed a short refinance using a small local lender whom the borrower had a good track record with.</p>
<p>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.</p>
<p>Most lenders are willing to do these, it is always worth a try.</p>
<p></p>
<p>I have successfully completed a short refinance using a small local lender whom the borrower had a good track record with.</p>
<p>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.</p>
<p>Most lenders are willing to do these, it is always worth a try.</p>
<p></p> If you are having a clients m…tag:shortsalesuperstars.com,2012-10-21:3468065:Comment:2737612012-10-21T16:26:17.950ZMelvin Vyhttp://shortsalesuperstars.com/profile/MelvinVy
<p><strong>If you are having a clients meet this criteria please send them to me, I might be able to help. realestate.vy@gmail.com. </strong></p>
<p>You may be eligible for FHA Short Refinance if you meet the following criteria:</p>
<ul>
<li><strong><span>Your mortgage is not owned or guaranteed by Fannie Mae, Freddie Mac, FHA, VA or USDA.</span></strong></li>
<li>You owe more than your home is worth.</li>
<li>You are current on your mortgage payments.</li>
<li>You occupy the house as your…</li>
</ul>
<p><strong>If you are having a clients meet this criteria please send them to me, I might be able to help. realestate.vy@gmail.com. </strong></p>
<p>You may be eligible for FHA Short Refinance if you meet the following criteria:</p>
<ul>
<li><strong><span>Your mortgage is not owned or guaranteed by Fannie Mae, Freddie Mac, FHA, VA or USDA.</span></strong></li>
<li>You owe more than your home is worth.</li>
<li>You are current on your mortgage payments.</li>
<li>You occupy the house as your primary residence.</li>
<li>You are eligible for the new loan under standard FHA underwriting requirements.</li>
<li>Your total debt does not exceed 55 percent of your monthly gross income.</li>
<li>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.</li>
</ul>