We've all heard about the Short Sale as it seems to be dominating our marketplace here in Tucson.  But many people haven't heard about the Short Refinance. 

It's an FHA Secure refinance, it IS available in Tucson and has a special circumstance, and that circumstance is that the homeowner's existing mortgage is more than the home's current value.  In this case the FHA Secure Refinance will be dependant on the existing lender.

The existing mortgage lender has three options:

  1. Do nothing and let the homeowner continue to attempt to make high burdensome mortgage payments
  2. Take a second mortgage to pay the difference
  3. Take a "Short" payoff on the second loan

I'd be interested in hearing comments about successes people have had with the FHA Secure Refinance.

Paul Dunn
Tucson's #1 FHA Loan Expert
(520) 225-0380

 
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4 Comments on FHA Secure - The Short Refinance - Paul Dunn Tucson's FHA Lender

MAY
06
2008
Good
Lina
1:52am • #1
Haven't seen this product.  Thanks for he heads up - will check into it and report back!
5:41am • #2
MAY
19
2008

Short-Refinance
A Short-Refinance, also known as a short-refi or short-payoff, is a transaction, where the lender agrees to accept less than the full amount owed. 

Instead of the property being sold, it is refinanced with a new lender.  The short-refi allows the homeowner to retain ownership of the property, while at the same time avoiding a foreclosure or possible bankruptcy.

If you want to keep your home, but don't have enough equity to get into a foreclosure bailout loan, a short-refi is your answer.  By negotiating a short-refi with your current lender, you can obtain a payoff of less than the full amount owed, getting your loan balance down to where you can refinance your home with a new lender. 

Learn more at www.short-refinance.com
jlawler
2:50pm • #3

Hello Paul,

 

I guess if your asking for a particular product I don't have an answer but I do know that if your client has an FHA loan and have been current they do not need an appraisal for a streamline refi, so basically rather they are upside down or not, as long as they are current on mortgage a streamline would work, no appraisal.
6:42pm • #4

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Paul Dunn - Tucson's #1 FHA Mortgage Originator and USDA Rural Specialist

Tucson, AZ

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First Priority Financial

Office Phone: (520) 225-0380

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