Posted on: 21st Oct, 2010 10:57 am
My mortgage company has appoorved me for a Short refi...the current loan balance is $470,000 and the current value is $250,000. I have them doing the final appraisal this week, and need to find a lender that can do the loan. My credit rating is 684. I am only 30 days late on the loan and current on all other motrgages, loans, and credit cards. I have the ability to put 20% down. I have called amny banks and the people I have spoken to do not know what a shrt sale refi is. Can you help?
Did you submit any paperwork to them to approve your short refi? We do short refi's however, the down fall is the process takes a while. I have closed on two (2) so far. They were in the system for 5 mos. It's the best program for the homeowner, whenever their present bank, investor & servicers approves the deal.