Foreclosure in 20165>Question Details

Dee, Home Seller in 20165

Short Refi question

Asked by Dee, 20165 Fri May 23, 2008

I am currently having a 30 years mortgage amout of $550,000 and a balance of $150,000 on line of credit. And my subdivision is have a short sale on the market is selling for 650,00. I am so far current on all the payments, but not this coming month, I can't continue paying it. Can anyone give me some idea what is short refi is, and how does this work? How can I qulify for a short refi?

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Answers

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Are you asking about a short sale? The first thing you need to do is to contact your lender to discuss any opportunities for a rate modification on your current loan(s). If you do not qualify for a modification then you need to ask them for a short sale package. Once you have put together all of the information that your lender requires then you can contact and agent to discuss listing your home as a short sale. If you fall to far behind in your payments you will be at risk for a foreclosure by your lenders so you should start working with your lenders now.
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