Short Refinance. Myth Or Reality

October 1, 2009 by  
Filed under Short Refinance. Myth Or Reality

A short-refinance, or a short-payoff is a transaction, where the current mortgage lender agrees to accept below 100% of the amount owed on your property. Its very much like a short sale but, instead of the property being sold to a new buyer, it is refinanced with a new lender and the homeowner gets a fresh start. The short-refinance allows the homeowner to keep ownership of the property and avoid a foreclosure and possible bankruptcy. But the thing that motivates most people is getting rid of negative equity! Unfortunately most RE pros do not know all the details for qualifying borrowers and since it is not as profitable as conventional transactions you don’t hear many of them talking about it.

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