Short Refinances
are a method for homeowners to get out from under a mortgage that is
more than the value of their home When a homeowner is
delinquent on payments and the value of the home is less than the
mortgage balance, most people feel helpless. It seems there is no
choice but to loose their home from either a short sale or foreclosure.
Some lenders are wising up. Rather than going through the time and
expense of a foreclosure, or waiting for a short sale, the lender can
agree to a short
refinance. The lender
agrees to refinancing the loan at 95% of the homes market
value. The homeowner then gets an FHA loan.
The result
is the
homeowners keep the home and the bank cuts its loses. This makes great
sense in this housing market.It takes a lot of negotiation
work, and some lenders are just hard heads, but it is worth a try!
Call me
at (856)
665-2121 today!
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