Is anyone doing short refi’s. I’d like to offer this to my clients rather than just short sales. A lot of people would be interested in this but I don’t know any lenders/brokers that are. Anyone know where to start on this topic?
Dear Mr. Bank Manager,
My client hasn’t made a mortgage payment for the last six months, his credit is now shot, and he has absolutely no chance of paying off his mortgage with you.
So what I’d like you to do is lend him slightly less money than the mortgage is worth, hopefully at a better rate, forget about the difference, and let him stay in the house.
Yours etc…
Uh huh :banghead
That would be great if banks would do that, but it’s highly unlikely (as JDS so vividly showed…by the way, that was pretty good).
What I’ve seen banks do recently is be willing to work on better terms for the mortgage (such as a reduced interest rate or moving payments to the back end of the loan), but no short re-fi’s. Even with short sales I’m not seeing any movement on banks’ parts until the borrower has missed a couple payments. I’ve heard that’s not the case, but that’s what my experience has been.
That was my thinking but I had a few lenders ask me if my packet was for a short refi - and I see all sorts of “companies” offering a short refi service - I was wondering about the whole credit thing - but I was told they didn’t look at credit - I thought I was crazy :anon