A Short Refinance may be an option for Las Vegas homeowners who are making high mortgage payments on a property that is worth less than the amount owed.
Even though the most recent round of legislation with the new housing rescue plan does not provide for a significant principal reduction, there are still cases where a homeowner can possibly negotiate for a short payoff from their current lender and then obtain a new FHA mortgage at a lower loan amount.
Not to be confused with the “Obama Refinance” that does not allow for a modified loan amount higher than 105% Loan-to-Value of the first mortgage on primary residences, a short refinance principal reduction loan is a program where a homeowner negotiates for a reduced payoff from their current lender and then qualifies for a new FHA mortgage with a new lender.
I wanted to write a quick post that answered a few of the basic questions about a Short Refinance or Principal Reduction Refinance.
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