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Those out there on their search for the elusive short refinance rarely get the answer that they are searching for. Many of lenders in today’s market need to update their standard procedures to meet the demand but are stuck either in the way that things used to be done or left overwhelmed with flow of loss mitigation as it stands and to add just one more thing would allow this rickety house of cards to finally collapse.
What is a Short Refinance or Short Refi? By definition it is consistent with a refinancing of the current loan and amount owed into a smaller mortgage more consistent with current market value.
The holly grail of this current market is sometimes right in front of the homeowners and they never take grab of the opportunity that has been presented to them. Short Refinance not only lowers your rate but reduces the principle on the mortgage leaving homeowners underwater in a place where they can breath and manage their monthly expenses.
First Franklin/HLS a Merrill Lynch Company and now part of Bank of America has decided that they will no longer stay the short and narrow path but are working with whatever homeowners that can qualify for these mortgage programs. HAFA and other programs will continue to grow with popularity and hopefully with a mix of all the new programs coming out we’ll be able to get this market behind us sooner than later.
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