What is a Short Refinance?

Unlike a short sale, a short refinance lets you keep your home. The similarity between the two programs lies in the fact that the lender agrees to some sort of action at a loan amount that is less than the current balance on the loan.

Say you owe $300,000 on your home. Let's also say that the value of the home has been appraised at $270,000. Add to the fact that your credit is impaired and your adjustable rate mortgage just shot up and you can't afford the monthly payments anymore. This doesn't sound so good and you might be thinking you're out of options.

Enter the short refinance

Through our loss mitigation process, you may be able to work out a short refinance. The lender will have to agree to it, though, and this isn't always easy to accomplish. It's recommended you use our professional services if you are considering this or any other loss mitigation option.

If your lender agrees to a short refinance, it's likely your debt will be forgiven and the loan will be refinanced to the level that your current balance rests at. Not a bad deal, right?