I know, you are upside down in your home!
You need to refinance because you have one of those "bad" mortgages!
Well I think there just might be a solution for you!
The term Short Sale is pretty common and the principle is know to most but just in case here you go.....
- Short Sale-To sell a piece of Real Estate you own for less than what you owe in various mortgage loans, liens and/or lines of credit on the property.
Now that you have that under your belt, I think a Short Refinance, should be pretty straight forward. but just in case...
- Short Refinance- To refinance a mortgage on a piece of Real Estate you own where the loan/lien/mortgage/line or credit is worth more than the home is worth.
To accomplish a Short Refinance is no easy task!
There are rules you have to follow and you need to fit the criteria! And so you know, you can't just do a short-refi because you are now upside down on your mortgage, you have to have a reason. The most common reason at this point is an Adjustable Rate Mortgage(ARM). If you have other reasons, say financial reasons or medical reasons, then you MIGHT get lucky!
SO, it can't be just because you want to!
Now to the technical stuff, You need to have a supporting team of professionals who know how to handle the task. There is no easy way to do this, you will need an attorney, a negotiator and a Professional Mortgage Consultant. These three people will team up with you, review the paperwork and show you the exact steps to take. You might even get lucky and your old lender will pick up the fees (This is the most important trick because this is cash in your pocket).
Now that you know all the positive, know the negatives as well.
There is a chance that this WON'T work out and you will be given the option to short sale. Not every lender is eager to help us help you! There is even the worst case, Foreclosure! You have to know this is possible!
All that said, it is better to fight for the opportunity to keep what is yours than to just pack up your stuff and leave the house to the bank! Keep fighting till the end no matter what you do.
Now that you have the over all picture you now need your individual picture. You may still want more information so look for the resources here on my page.
The only way I can help you with that is if you email me at Brent@brentlane.net with "Short Refi" as the title. Give me a run down of what we will be looking at and how "Bad" the scenario is getting so I know what level of urgency to place on it. It normally takes 24-48 hours to respond but I will write back......
SHORT REFI......
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