Short Refinance

For most people, this is the ultimate achievement. It means convincing the lender to put in writing they will accept a pay-off in the amount equal to the current market value of the home. It means then being able to find an FHA loan for that amount. The typical candidate will be able to show that, whereas their debt-to-income ratio is unsustainable with their current “$700,000” mortgage with a rate of “6.875%,” they would be able to afford an FHA 30 year fixed at “5.25%” at the current market value of, say “$450,000.” This criteria applies to only a limited number of people.

What are the odds of contacting the lender and successfully just asking them to take $450,000 as a pay off? Pretty slim. You will likely need to play some “hard ball” first. We can show you how to negotiate these terms.

Loan Modification

Short Sale