Short Refinance...Why isn't anyone talking about it??
I think short refinance is a brilliant idea... why should homeowners who are having a hard time, be forced out of their homes, if they can afford a mortgage on the appraised value of their home.
A Homeowner has a home worth $300,000.00 but owes $500,000.00 on it.... they have a partial loss of income for one reason or another, say one of them lose a job. They either let the home go into foreclosure or sell in a short sale.
So, say they decide to go the short sale route....an agent runs the comps, the home is put on the market for $300,000.00.....BUT what if the homeowners qualify for $300,000.00.....WHY CAN'T THEY JUST REFINANCE THEIR HOME....A SHORT REFINANCE.....
If they are qualified, why must they move out of their home, only for someone else to buy it....for the amount they could afford.
Is it a punishment for these homeowners..?? Why can't people, who qualify, keep their homes at the price they could qualify for???? Why is NO one talking about SHORT REFINANCE??
Your Northern Virginia Realtor 703 407 7088 Konnie Mac FREE No Strings attached...search MLS to to www.KonnieMac.com
Realty Direct, 44075 Pipeline Plaza Ashburn, Virginia
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