Profile picture for alnrovh

How can I find a broker to do a short refinance?

  • September 28 2009 - Bend
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Profile picture for Justin Kennedy

i know of one bank that still allows short payoff with new FHA. the trouble is will the lender accept a short payoff. many will not! email me, i will send the name of the bank and you may start your local search for broker that is approved to orginate busienss with them. all my best to you and your Family.

  • September 29 2009
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What good is it if Wells won't take the short payoff? 
Who is going to negotiate the short payoff?
Justin-I am afraid that suggestions falls under the H4H loan great press but pretty useless to 99.999999% of america.  I hope it work sout but I wouldn't be spending a ton of money in hopes!

  • September 29 2009
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Your only option is a loan modificaiton and you are working with the only company that can make that happen.
  • September 29 2009
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Profile picture for alnrovh
I did not want to air too much dirty laundry but WF is working with us because we have, in fact, experienced financial hardship over the last two years.
  • September 29 2009
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Alnrovh,

Unfortunately a short refinance doesn't really exists.  You have been paying your mortgage on time.  Since you purchased the home what has changed (other than the homes value) if the answer is nothing.  I am afraid you are not going to get very far.

A new lender will not be able to refinance your loan because the proceeds won't payoff your existing loan.  The only way to reduce your loan amount is for your current lender to modify your existing loan with a principle reduction, without a financial hardship the odds of that happening are slim to none and slim is on his way out of town.

I know that is not what you want to hear but I would not waste money on someone to negotiate a thing unless you have a bonafide hardship.

  • September 29 2009
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Profile picture for alnrovh
Our lender, Wells Fargo, is the manager of our primary loan with Sallie Mae.  Our second is with another bank.  We bought it for $358,000 (the same home up the street just sold for around $220,000).  We admittedly followed the old adage to "buy the most home you can afford."  The builders and lender assured us we'd be able to refinance in a year with the equity we would gain.  Sure, we'd seen it work for all our neighbors in California for the past ten years... we trusted the professionals... you see where I'm going.

Why would a bank be willing to reduce my principle?  To avoid another foreclosure - to put the home back in reality and move on.  A third of the homes in my neighborhood have foreclosed. One has been on the market for over a year at $275,000.  Why wouldn't the bank consider us as good as future occupants that they would end up selling to after a huge loss of time and money in this slow market?

We have excellent credit and have never been late.  Currently WF has offered a forbearance (about $175 less per month on our mortgage) for 3 months while they consider a loan modification.  They are vague as to what this means or might look like.  They told us on the phone to skip our October payment.  This is unsettling, yet, I just don't know who or what to trust.  I want to consider all of my options.  I want to stay in our home.

I recently met a man in Vegas (from Sheridan CC?) said he's done many short refinances and I should work with him because I cannot work with my own bank for a princpal reduction for obvious reasons.  I didn't want to engage in something like this with someone out of state if there is someone closer...yet I cannot find a "negotiator" like him in my local area.  Hence, my question. 

Thank you for your thoughtful responses.

  • September 29 2009
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Profile picture for alnrovh
My lender, Wells Fargo, is the manager of my primary loan with Sallie Mae.  Our second is with another bank.  We bought it for $358,000 (the same home up the street just sold for around $220,000).  We admittedly followed the old adage to "buy the most home you can afford."  The builders and lender assured us we'd be able to refinance in a year with the equity we would gain.  Sure, we'd seen it work for all our neighbors in California for the past ten years... we trusted the professionals... you see where I'm going.

Why would a bank be willing to reduce my principle?  To avoid another foreclosure - to put the home back in reality and move on.  A third of the homes in my neighborhood have foreclosed. One has been on the market for over a year at $275,000.  Why wouldn't the bank consider us as good as future occupants that they would end up selling to after a huge loss of time and money in this slow market?

We have excellent credit and have never been late.  Currently WF has offered a forbearance (about $175 less per month on our mortgage) for 3 months while they consider a loan modification.  They are vague as to what this means or might look like.  They told us on the phone to skip our October payment.  This is unsettling, yet, I just don't know who or what to trust.  I want to consider all of my options.  I want to stay in our home.

I recently met a man in Vegas (from Sheridan CC?) said he's done many short refinances and I should work with him because I cannot work with my own bank for a princpal reduction for obvious reasons.  I didn't want to engage in something like this with someone out of state if there is someone closer...yet I cannot a "negotiator" like him in my local area.  Hence, my question. 

Thank you for your thoughtful responses.


 
  • September 29 2009
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I imagine there are plenty of "brokers" at Sheridan Correctional Center who would do it for a small fee... but seriously, a "short refinance" doesn't exist. As a creditor I've seen a loan workout solution... but we are talking an unexpected disability causing an extreme hardship.

  • September 29 2009
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I beg to differ Phil!

A short Refi is another way of saying loan modification with a principle reduction!  If a borrower is qualified for the mortgage they have why oh why would a bank allow a short refi?
  • September 29 2009
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i have never seen any bank do their own short refi...but they sure are glad to give it to another bank to to it!
  • September 29 2009
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The only times I have seen this is when someone is in foreclosure and the lender is offering the property to the original owner just to get out of the loan.
Andrew, The question you should have asked is: what is the credit score and are you in foreclosure.

  • September 28 2009
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Why would your current lender allow that?
  • September 28 2009
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