FHA Secure Short Refinance Options When You Are Upside Down On Your House

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Education & Training

When you owe more than your home is worth and you need an FHA Secure Short Refinance, there are typically three outcomes.  Your FHA Secure Short Refinance options will depend upon the negotiations with your current mortgage lender.

  1. Short Refinance Write Down - This is the option of preference.  The existing lender simply writes off the amount that can be refinanced into the FHA Secure Short Refinance.
  2. FHA Secure Refinance with subordinate financing - In many cases the existing lender will accept a secondary lien in the amount that the payoff is short. 
  3. FHA Secure Short Refinance with a partial unsecured loan - In some cases the existing lender will write off a majority of the existing loan and allow for the creation of an unsecured loan of a portion of the amount that cannot be covered by the new FHA Secure Short Refinance loan.  An example of this may be that the new FHA Secure Short Refinance loan can cover all but $45,000 and the existing lender agrees to write off $38,000.  They may allow for an unsecured low or zero rate loan to cover the final $7,000 in an effort to make the transaction work.

Apply for an FHA Secure Short Refinance today.

Paul Dunn
Arizona FHA Mortgage Loans
Arizona USDA Rural Home Loans

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Tags:
fha secure
refinance
foreclosure
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Rainer
173,075
Fred Chamberlin
Guild Mortgage Co - Oak Harbor WA - Oak Harbor, WA
Oak Harbor/Whidbeynulls, #1 Experienced FHA Mortgage Consultant

Unfortunately, the Secure goes away next month to be replaced by the "ever popular" FHA Hope. Oh Well! Very concise Paul.

Sep 22, 2008 05:22 AM #1
Rainmaker
62,049
Paul Dunn
Tucson, AZ
former orginator

Not really... it is supposed to be here until 12/31/08 but in reality when was the last time the government created something temporary and actually ever stopped the program.  The last temporary program I remember is income taxes and I'm still paying those.

In reality, FHASecure is basically... well... regular old FHA... (for most puposes)

Sep 22, 2008 05:54 AM #2
Rainer
173,075
Fred Chamberlin
Guild Mortgage Co - Oak Harbor WA - Oak Harbor, WA
Oak Harbor/Whidbeynulls, #1 Experienced FHA Mortgage Consultant

You are right, with the phased in changes, who can keep track of everything. January should be an interesting time as people think they are going to get this great deal through Hope only to find out the lenders don't want to do it.

Sep 22, 2008 08:23 AM #3
Rainmaker
530,850
Chris Brown- Florida Home Loan Specialist | Certified Mortgage Planner
Chris Brown | Certified Mortgage Planners - Orlando, FL
Chris Brown 407.367.2974

i would love to understand the short refi better

 

chris the implemtner

Sep 22, 2008 10:17 AM #4
Rainer
4,251
Paul Defngin
Apex Home Loans, Inc - Gaithersburg, MD

Paul,

Have you had a lot of success with this? In the last week, I've had count them 6 people who's asked me to refinance only to tell them that I could not help due to lack of equity.  All of them with the exception of 1 referral are previous clients.  How do they work?

 

Sep 29, 2008 02:16 PM #5
Anonymous
Steve Calianno

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Apr 12, 2009 11:28 PM #6
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Rainmaker
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Paul Dunn

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