"SHORT REFI": A great alternative to a foreclosure or a short sale!
What is it?
How do you become approved?
What lender allows them?
A short refinance is when your current lender forgives/"cuts" a portion of your mortgage debt. In other words, they write-off a portion of the debt.
To get started, you need to contact your current lender and notify them of the difficulty you are having in making payments. DO NOT WAIT UNTIL YOU ARE LATE! It is important, you contact your lender and thoroughly explain why you can not meet payments and will soon be late and you do not see any remedy in sight. The lender will ask for your income and asset documents to prove what you are stating.
Once approved for a short-refinance, the next task is locating a mortgage company to refinance your current loan, which will soon be reduced. Not all lenders will allow a short-refinance. Your best bet is to contact a mortgage broker, i.e. Seacoast Mortgage (!), who can research and find the lenders who will allow it.
Staying in your home is the number 1 goal in this housing crisis!
Ann Sabbagh
Vice-President
Seacoast Mortgage
508-243-1190 (cell)
Licenses in RI, MA, CT and FL
"When you choose me as your mortgage consultant, you also choose a financial planner who has YOUR financial strength as the PRIMARY concern"
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