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
Tags:
They must be talking about that elusive "principle reduction". 1 out of maybe 100,000 chance. As far as a refinance at current value, I've never seen or heard of one either.
Thank you for your response.
I haven't heard of this. Sounds similar to the sham "sign the deed over to us, we'll buy the note BS..."
Lot's of ostacles for this to happen. Settlements on 1st loans usually only happen thru DIL or SS. Both require the borrower to move out of the property.
Also, doesn't seem to make sense for the party who would be doing the new loan. Who in their right mind would lend money at market rates to someone who's missed several payments when they can lend to an A+ borrower? It sounds like it would need to be hard money rates or subsidized through government or non-profit.
I could be wrong, but it doesn't seem to add up..
Thank you. I agree, just had heard of it and thought I would inquire. I appreciate your response.
Thank you Brian. I appreciate your input.
Actually Brian. You can't have a FHA loan.
Here are the eligibility guidelines:
You may be eligible for FHA Short Refinance if you meet the following criteria:
*Eligibility criteria are for guidance only. Contact your mortgage servicer to see if you are eligible for FHA Short Refinance and FHA2LP.
http://www.makinghomeaffordable.gov/programs/lower-rates/Pages/shor...
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.
Short refi's do exist, but they are more myth than reality (much like loan mods)
If you are having a clients meet this criteria please send them to me, I might be able to help. [email protected].
You may be eligible for FHA Short Refinance if you meet the following criteria:
© 2024 Created by Short Sale Superstars LLC. Powered by
Short Sale Superstars, LLC and www.ShortSaleSuperstars.com does not endorse the real estate agents, loan officers, attorneys, real estate brokers and other participants listed on this site. These real estate profiles, blogs, blog entries and forums are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a short sale. Short Sale Superstars, LLC takes no responsibility for the content on these pages that are written by the members of this community.