Short Pay Refinance, Simplified.
Many homeowners wonder how they can lower their mortgage that reflects current market conditions. A Short Refinance is the solution. A Short Refinance is simply as follows, straight from the guidelines:
The Short Pay Refinance is similar to a Short Sale with one major exception; the homeowner keeps their home! It is the same processes, along with the techniques used while negotiating a Short Sale or Loan Modification. Your broker will negotiate a settlement for a reduction of the principal loan balance on the current note. Once an acceptable settlement is reached a new loan is completed for the homeowner (thus the refinance portion of Short Pay Refinance.)
Both parties benefit from a Short Refinance; the homeowner reduced the principal amount owed (generally 95-97% of the current market value) as well as lower payments; the current lien holder actually nets an average of 10% more than they would with a Foreclosure or Short Sale so it is in their best interest to work out a settlement.
If you need help with your loan, we will gladly help you out. Call us at 1-866-495-3566 to get more information. Our friendly and experienced staff are waiting.
January 5th, 2009 at 9:04 pm
[...] … displayed on the Amazon website at the time of purchase will govern the sale of this product Short Pay Refinance, Simplified. – blog.cityridge.com 01/06/2009 Many homeowners wonder how they can lower their mortgage that [...]
January 5th, 2009 at 10:00 pm
Hi. I am a long time reader. I wanted to say that I like your blog and the layout.
Peter Quinn
January 6th, 2009 at 5:34 am
[...] Short Pay Refinance, Simplified. | The CityRidge Blog [...]
October 2nd, 2009 at 3:00 pm
What if you have a second mortgage? Can you negotiate a short pay refinance with the second mortgage holder in conjunction with the first for a refinance. I have two mortgages.
October 14th, 2009 at 2:01 pm
Yes. To proceed with a short sale, you must get the approval of from the second mortgage as well. However, if your 1st mortgage loan payoff amount is significantly less than the short sale price, you would only need approval from the second lien holder, since they would be taking a loss.