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 Melvin. Let me review and get back with you.
Thank you Chris
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.
Thank you Teresa, I will try to find a lender that can give it a shot.
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 again Teresa.
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???
Thank you for you input. I will follow-up.