The Real Truth Behind The Short Refinance
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If You Owe More Than Your Home Is Worth What Can You Do?
Its no secret that there is a lot of inventory sitting in various MLS systems across the country. And with property values declining in many areas, many homeowners are stuck owing more than their homes are worth.
Add that to the fact that payments on Adjustable Rate Mortgages are going up and not only are homeowners owing more than their home's value, but their monthly mortgage payments are skyrocketing too.
Do you know someone whose mortgage payment is going up? Or who now owes more on their mortgage than their home is worth?
Does this sound familiar?
In this lens, I'll show you some different options and direct you to some solutions for homeowners who are currently faced with Constantly Increasing Financial Stress caused by declining values or increasing mortgage payments.
There is usually a solution.
Apply for a short Refinance here.
FHA Secure Short Refinance information.
Add that to the fact that payments on Adjustable Rate Mortgages are going up and not only are homeowners owing more than their home's value, but their monthly mortgage payments are skyrocketing too.
Do you know someone whose mortgage payment is going up? Or who now owes more on their mortgage than their home is worth?
Does this sound familiar?
In this lens, I'll show you some different options and direct you to some solutions for homeowners who are currently faced with Constantly Increasing Financial Stress caused by declining values or increasing mortgage payments.
There is usually a solution.
Apply for a short Refinance here.
FHA Secure Short Refinance information.
So Who Can Benefit From A Short Refinance?
If you have an Adjustable Rate Mortgage that has gone up in rate and payment you may be eligible for the FHA Secure Short Refinace. Or if your home is worth less than you owe on it AND you are now in a situation where you just can't afford your payments anymore, you may be eligible.
There are specific requirements to qualify for the FHA Secure Short Refinance and you can find them at Tucson's #1 Mortgage Loan Originator web site.
Even people behind on their mortgage payments may be able to qualify.
What if you owe more than your home is worth?
The Short Refinance is similar to a short sale but instead of presenting the current lender with an offer from a potential buyer, we present them with a loan approval for your new FHA Secure Short Refinance.
At that point the goal is for the current lender to take a discounted payoff to allow you to refinance into a mortgage that is supported by the value of your home.
Apply for an FHA Secure Short Refinance.
Why would the old lender take a short pay?
The bank does not want a property to go into foreclosure. A home that goes into foreclosure has a multitude of expenses including legal and back payments. The expenses can mount to tens of thousands of dollars. Also, the majority of homes that go into foreclosure do not successfully sell at auction so the bank has to market them at the Fair Market Value which is going to be less than the amount they would have to accept to facilitate the short refinance.
Apply for an FHA Secure Short Refinance.
There are specific requirements to qualify for the FHA Secure Short Refinance and you can find them at Tucson's #1 Mortgage Loan Originator web site.
Even people behind on their mortgage payments may be able to qualify.
What if you owe more than your home is worth?
The Short Refinance is similar to a short sale but instead of presenting the current lender with an offer from a potential buyer, we present them with a loan approval for your new FHA Secure Short Refinance.
At that point the goal is for the current lender to take a discounted payoff to allow you to refinance into a mortgage that is supported by the value of your home.
Apply for an FHA Secure Short Refinance.
Why would the old lender take a short pay?
The bank does not want a property to go into foreclosure. A home that goes into foreclosure has a multitude of expenses including legal and back payments. The expenses can mount to tens of thousands of dollars. Also, the majority of homes that go into foreclosure do not successfully sell at auction so the bank has to market them at the Fair Market Value which is going to be less than the amount they would have to accept to facilitate the short refinance.
Apply for an FHA Secure Short Refinance.
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by pauldunn
pauldunn
Hi there! I'm Paul Dunn, a mortgage professional in Tucson Arizona. I've been providing mortgage services for my clients since 1991. I've extensively... more »
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