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Answers (4)
- Memphis Owners12
- Contributions:167
Be very careful with loan modifications; please do not follow advice from anyone who does not know your situation and all its details. A loan modification has a huge, negative impact.
I would address all these questions to your lender who is offering a short pay. You could also hire a real estate attorney for added advice.
I would address all these questions to your lender who is offering a short pay. You could also hire a real estate attorney for added advice.
- Keane Ng, "Keane Ng"
- Contributions:297
I have yet to hear of a lender who took a short principal balance to help homeowners refinance. I'm really excited to hear if this works for you.
What will be key is to see if the current lender will send a payoff statement to the refinancing lender that quickly. You just need to find a FHA lender and tell them the payoff amount will reflect the balance you and your current lender agreed upon.
Did the current lender tell you there were any provisions related to the appraisal?
What will be key is to see if the current lender will send a payoff statement to the refinancing lender that quickly. You just need to find a FHA lender and tell them the payoff amount will reflect the balance you and your current lender agreed upon.
Did the current lender tell you there were any provisions related to the appraisal?
- Paul Ervin
- Contributions:25
I went through a loan modification 1 year ago which reduced my interest rate from 8.75% to 6.75%. That allowed me to combine mortgage, taxes and insurance. but my monthly payment only decreased by $43.
It did not help.
I contacted the Lender. they have agreed to a short refinance. I am now trying to find a lender that would provide a loan based on the reduced Mortgage cost.
It did not help.
I contacted the Lender. they have agreed to a short refinance. I am now trying to find a lender that would provide a loan based on the reduced Mortgage cost.
- Greg Cook, "Greg Cook"
- Contributions:119
Paul, the short refinance program hasn't worked all that well. But what you're looking for sounds like a loan modification and could accomplish the same thing.
Contact your current lender or a loan modification specialist (beware if they want money up front!)
Good Luck!
Contact your current lender or a loan modification specialist (beware if they want money up front!)
Good Luck!
My lender has submitted to me a letter considering a Short Refinance. I need to find an FHA lender.
Thanks,
Paul M. Ervin, Jr.
2303 Tasmin Court
Accokeek, MD 20607
(Cell) 703-477-2285
(Blackberry) 202-731-0401
(Work) 202-343-4151
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