I just wanted to share my most recent success in providing a short refinance.
About two months ago I received a call from a gentleman who was upside down on his home that he had owned for the last 5 years. He owed $468,000 with an adjustable rate mortgage for a first and a HELOC with a 14.5% rate. He had showed me a spreadsheet he made that showed since his Adjustable Rate Mortgage had reset, that his ENTIRE monthly paycheck was going out to his mortgage. There was nothing left over and so they started using credit cards to buy the necessities.
His home appraised at only $320,000 and he had successfully negotiated a short payoff with the current lender (Homeq) on his first mortgage of over $220,000. His monthly payment dropped by more than 45%.
I can't imagine how good that relief must have felt for him.
To read morea about FHA Secure Short Refinances.
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