Short refinance lenders: Where can you find them?

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Before you jump someone's butt with your financial judgements, do some research. There is a huge market and profit for financial companies to buy toxic loans. They will buy the loan well below current loan amount, and turn it in to a conventional loan, that generates interest for them. They may even sell the laon for a profit, if they bought it cheap. People fall on hard times, it just happens. With your attitude and crappy Karma, it will likely happen to you too. Its great for the banks, because they get paid for that loan at whatever they accept, and it shows up as new cash. In bank terms, that means they have more assets on hand to lend with. By the way, do you not think the banks are guilty of screwing a few people themselves.
This blog is to help people, not judge them. Take care of your own stuff, and leave the rest of us alone.

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Yes, but problem is....the new lender requries NO LATES...so you cannot be behind in your mortgage. From the lender point of view..what lender would want to write down 10% of your note when it's performing and current.....

Oscar. can you post the name of the private lenders you have that will do a short payoff refi.

Are you able to qualify for the loan besides the short pay off? Is the only reason you're getting denied is due to the short payoff? I know several lenders that accept short pay offs. Who have you been dealing with? What is the new pay off amount?

what lender's have you been speaking to? if the rest of your profile is good, you should be able to find a lender to refinance your home. what is the new pay off amount?

I am upside down on my mortgage and would like to refi. Do you know of any lenders in florida? My Lender is a servicing agent and they don"t do refinances. I have never been late on payments and my credit is very good is this a possible deal?

I know of several lenders that will fund short payoffs as long as it falls into FHA or conventional guidelines.

I may be able to help, 562-298-3779

We have an 'underwater' mortgage. And want to do a short-refinance. We bought our home 5 years ago in 2005. The loan officer put us in a 2/28 ARM, 80/20 (1st & 2nd) Interest Only loan. Shortly after buying the home, my fiance had a heart attack; and my father died w/o life insurance. As a result we got behind in our payments. Our lender did a loan modification in 2008 and we have been current since that time. However, our loan was recently sold/transferred and they have increased our mortgage $300. We'd like to do a short-refinance. We have 670 fico scores. We just submitted an offer to our lender (that we recently transferred to). We are in serious need of a lender to do a short-refinance fast. If there is anyone out there doing short-refinances in the Michigan (suburb) area. Thank you in advance. And, best wishes to you and your family this holiday season.

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Hi Stacy!

Welcome to forums!

You've mentioned that you have already applied for a short refinance with your existing lender. In such a situation, I will suggest you to wait for sometime and check out if your lender agrees to give you a short refinance.

Feel free to ask if you've further queries.

Sussane

We are aggressively looking for a Michigan based lender to do a short-refinance. In Dec. 2010 our ficos were 680-possibly higher now. No 30-days within 3 years. We must get pre-approval to do short refinance. We will not be able to stay current on our mortgage if we do not. We do not qualify for a loan modification. A short-refi is our only option as we do not want to leave or sell our property or file bankruptcy. If there are serious lenders out there that can assist and specialize in short-refi's PLEASE CONTACT ME ASAP AT

Thanks

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Hi Guest,

You can contact your present lender and apply for a short refinance. However, this community has a large number of lenders. You can seek a no obligation free mortgage quote from them and check out if they can help you in this matter.

Thanks

Hello everyone! Thanks for responding. We contacted our mortgage servicer. We do NOT qualify for a loan modification. A short-pay/short-refinance is our only option. Bankruptcy (2nd lien stripping) is our absolute last resort. We do NOT want to file bankruptcy; and we do NOT want to lose/sell our home. Our mortgage servicer states they would consider reviewing a short-refi; But we must: 1.) Find our own lender for refinancing; 2.) Submit HUD-1; 3.) Submit Hardship Letter. We believe we are excellent candidates for a short-refinance. No 30-day lates in 3yrs, fico was 680 in Dec. 2010 should be higher now, we had a grave hardship. My fiance suffered heart attack, then ARM increased--original lender did loan mod, fiance now permanently disabled on SSD. With the ARM increase and the principal kicking in on our Interest Only loan---we can no longer afford the mortgage. If we don't do a short refi ASAP we will surely fall into default of our mortgage. Are there any Michigan lenders doing these short pay-short refinances??? PLEASE HELP!!!