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HOPE for Homeowners: Short Refinance vs. Loan Modification

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Services for Real Estate Pros with Short Refinance

HOPE for Homeowners 
The new HOPE for Homeowners Program, also known as a Short Refinance 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 Hope for Homeowners Program 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 refinance is your answer.  By negotiating a short refinance with your current lender, you can obtain a payoff of less than the full amount owed, and refinance your home with a new lender.  

 

Loan Modification
If the lender will not accept a Hope for Homeowners Program, a loan modification (loan mod) can often be negotiated. A loan modification involves working with your lender to change your loan terms. An example would be changing a monthly adjustable rate mortgage(option arm) with a rate of 7.5% and a 30 year term into a 40 year fixed rate with an interest rate of 5.5%. Currently loan modifications are more widely accepted by lenders. 

 

We negotiate with your lender, using a new technique called a Short Refinance to reduce your principal and help you keep your home.  

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Do you prefer to be treated like a person rather than a Loan Number? 
Most loan servicing departments are flooded with borrower's calling everyday. These departments have policies and scripts for each phone call they receive, and you may be transfered back and forth between departments or put on constant hold. Once you finally speak to the right person, you are asked for your income and expenses. Depending on the information you provide, you will be told whether you qualify for assistance or not. This process frustrates many borrowers and causes them to believe there are no options available. We strive to work with borrowers on an individual basis and we provide solutions. 

The possibility of losing your home is stressful and you need an experienced professional to answer questions and guide you through the process. 

What does our commitment to personal service mean to you? It means that we focus on you and your goals. We are committed to being here, for you every step of the way. 

Hope for Homeowners Program or Short Refinance may be the answer to keeping your home.  



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  Call us now at 858-693-5400 or apply online. For more info go to www.Short-Refinance.com

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