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:
- Do nothing and let the homeowner continue to attempt to make high burdensome mortgage payments
- Take a second mortgage to pay the difference
- 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.
Tucson's #1 FHA Loan Expert