Profile picture for StuckInFLForEver

Qualification for short-refinance

I started looking at the short refinance option the federal government started recently. I called my lender today morning and they said, they are not offering this program. My load in still with my lender(Not with Freddie or Fannie) and my home is underwater and i have load more that my home value. I thought i am bset suited for the short refinance option. If the lender is not offering this program what i need to do. Do i need to contact any lawyer?
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September 09 2010 - US
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Answers (5)

Profile picture for JustineKesary
What bank are you with?
I have had really good luck with certain banks you can check out my site
if you like. Justine [deleted by Zillow moderator. Please see our good Neighbor Policy for posting guidelines]
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March 15 2013

Are you in a position that you cannot afford the payments?
What about a modification? (contact your lender)
Is there a hardship?  Change in your life w/ job etc..?

"I think the whole idea of short refinance - depending on your loan to value - might work.  Might!  I agree with Andrew.
I'm helping a lot of people with the Leaseback program.  That also might be a real good option."
Hope this helps!
Have a wonderful day!
Sincerely,
Celia

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September 10 2010
Profile picture for StuckInFLForEver
I am finding the ways to refinance the load. Thought the short-refinance is best option. As the guidelines tells the participation of lender in this program is voluntry. I think i am struck.
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September 09 2010
I think you have a better shot at finding bigfoot than a lender willing to do a short refinance.  Which may not be what you mean.  Your Fannie Freddie Reference makes me think you are not asking to have debt forgiven but allowed to refinace more than the home is currently worth.

Issues with a Short Refinance:

1. Current lender has to agree to discharge the lien for less than amount that is due
2. New lender has to agree to a new loan knowing that the payoff of your existing loan is less than what is owed.

#1 is not all that far fetched #2...like Bigfoot.  Some people say they have seen them and they exist but I personally have yet to see it happen and yet to find a lenders guidelines that will allow it.  But Bigfoot could be out there and I mean the Yeti not the Monster Truck!
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September 09 2010
Profile picture for wetdawgs
The federal government has specified that lenders do not have to participate in the program, therefore, as your lender is complying with the government rules - how do you expect your lawyer to affect the situation?

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September 09 2010
 
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