I've been getting a lot of calls about how to do a Short Refinance. One of the most important things a homeowner must do in order to increase the odds of success for a Short Refinance is to complete a monthly budget worksheet.
The montly budget worksheet will be provided to the current lender in the short payoff offer package and to successfully obtain a short payoff for a Short Refinance it must show the current lender that the homeowner is faced wihth substantial financial hardship.
The monthly budget worksheet is just a good tool to have around for any purpose. I also provide it to first time home buyers.