Hi,
My mortgage broker is trying to get my 80/20 loan refinanced with a short payoff. He is using HAFA so I am assuming he's trying to make it look like a short sale.
I have 80/20 loan. 1st = 380,000 2nd=96,500. Condo purchased for 483k, now valued at 370k. Is this strategy possible? He also said if they don't accept payoff, they will try to get the 2nd to subordinate so the refi on the 1st will go through. Is this also possible? What are my chance with this?
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