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i have a 80/20 loan my20% is30yr fixed but a veryhigh interest rate about 10% my 80% isin the process of

modification i asked my 20% to be modified they said they cant because its a raider in the first loan i have to refinance everything to both loan but the value of the house went down and we owe more than the value now. my 20% lender suggested a short refinancing? im not familiar with it ? anyone can tell me how it works? is there a catch? will my credit be affected if i doshort refinancing? i need help!

celena
Sun Jul 13 2008, 00:21 - 92139 - Foreclosure - 2 answers
 
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Celena
Just Looking
in San Diego
Celena, Just Looking in San Diego in San Diego
Answers (2)
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Annie Nguyen was FIRST TO ANSWER
Celena,
A short refi is the lender original lender accepting less than they are owed. The idea is that if they don't agree to helping you , they might wind up with nothing or very little. Particularly true with the second lein holder. Credit may be impacted, however, that is more likely the result of not making payments at all. I suggest you contact one of the free HUD approved counselors. See the link below for information.
http://www.hud.gov/foreclosure/index.cfm
Below is an article on short pay refinances.
http://www.mortgagenewsdaily.com/522008_FHA_Short_Pay_Loans.asp
Let me know if you still need more information.

Sun Jul 13 2008, 09:05
 
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FIRST ANSWER
Celena,

You can ask my lender for his free advice. He is very helpful. John Dutra 510-364-0764

Sun Jul 13 2008, 00:50
 
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