Looking into a short refinance?
by Mortgage Rates on Tuesday, November 23rd, 2010 | 3 Comments
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yes short term or even better an open Mortgage for this period of time,this way you avoid payout penalties.
A short refi is a very good option if you can qualify. NV was one of the hardist hit states for property value decline and if you could get a new loan at or below value, it will save you a lot of money. If you are behind in your payments, an attorney cannot help you with getting qualified. It’s all up to the new lender. On the other hand, if you can secure a new loan at mimimum 80% of the property’s value, you have a shot. You would need to have the new lender send you a pre-qual letter and a preliminary HUD1 statement. You would then contact your lender and mention you have a lender who may be willing to lend you funds and get the process started. I cant speak for all lenders but with mine, we look favorably on short-refi’s. If someone can secure a new loan in today’s enviorment, it helps them and helps us.
Dont think that all banks are shady and not willing to help. As long as the new loan is near market value, they should be willing to consider your offer.
I am in the exact same situation as your. I just spoke to my lawyer and he told us that we are not in the Obama’s plan and the loan modification isn’t applicable to our case because we are not late.
The only thing we can work with the lender is the “short refi” as name it for short refinance.
It seems a very good thing? Are we dreaming?