Short Refinance To Stop Foreclosure
Short Refinance is one of the latest options that are
available for you to Stop Foreclosure and bring your
mortgage payments down.
You like millions of Americans are having financial
difficulties today. The cost of living is going up.
It is more difficult to pay all the bills at the end of
the month.
The present value of your property is less than
the amount you owe on it. You may be late on your
mortgage payments and you worry about losing
your home.
There are options for a homeowner like you to
keep your home, reduce your mortgage payments
and reduce the balance of the existing loan. Short Refi may be one of these options. Under
this particular program the reduction of your loan
principal balance is being negotiated. The lender
usually forgives the difference between what you
owe and what your home appraises for.
To Qualify: - You have to have a legitimate financial hardship.
- Your home has to be worth less than you owe.
- Your lender must be willing to participate.
- This is only for your primary residence.
- You must be able to qualify for a full doc loan.
The new loan will be a 30-year fixed rate mortgage
and no more than 97% of the current market value of
the property. The loan is FHA insured and will require mortgage insurance. Interest only payments are not allowed.
Lenders are willing to negotiate because: - Foreclosure is an expensive and complicated procedure.
- Your lender is not in the Real Estate business.
- In a sinking Real Estate market your lender will be burdened
by a difficult to sell property, incurring further financial losses. - In other words they do it because it costs them less than foreclosure.
If you are facing financial hardship you need to know you have many
more options besides Short Refinance. You may qualify for: It is very hard to figure out what program will work best in your case
without knowing your lenders guidelines. You should act fast. The lenders are suffocating under the millions of demands. Regulations are changing all the time. Call me today so we can discuss the possibilities you have. I will be glad do give you reliable information and to tell you what documents you will need to present in either case.
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