Some more questions for you. How much is she trying ot refinance for? There are many different ways to refinance, not just the banks. Does she really want to sell or would she just prefer to stay? Is she in any other financial problems or is it just the house. This will dictate which avenues you may want to explore. I have allot of different solutions. Call me 954-491-4000

Hi Phil,

Why does she want to refinance? Get tother with a local realtor and discuss your options.

Good luck, Mark

I am a Realtor in the Coral Springs/Parkland area. I would love to discuss the options available to your mother.

One of the options could be to sell her home as a short sale.

Please contact me at 954-298-6678.

Cynthia Barron
Realtor, Green
The Keyes Company Realtors
Coral Springs/Parkland Office
954-298-6679
info@cbarronhomes.com

I'm also a Licensed Mortgage Professional in the State of Florida

Phil
In the world of real estate markets go up, and they go down. It's a cycle.

So people that bought high, and now do not like the fact that the property is worth less than they paid, feel pressure to do something...anything to get out of that situation. So the question is, what exactly is your mother's situation:
1. Does not like the decreased value, so wants to have someone take away the loss.
2. Needs to move because she needs to relocate for job, family, etc.
3. Can no longer make the mortgage payments due to a financial hardship

First, if the property went UP in value, she'd be fine, right? So is it that she just doesn't like owing more than it's worth? If so, I would say "too bad, stick it out" like many Americans are right now. The market will turn around in the long run.

Second, if she needs to move, she might be able to prove to the bank that due to circumstances beyond her control, she may be approved for a hardship and conduct a short sale. However, there are no guarantees.

Third, if she'd like to stay in the property, but has had financial setbacks, the might be able to re-negotiate her loan, called a loan modification. I would suggest that she interview two or three Realtors regarding her specific situation and her options.

Phil
Your mom might qualify for a short sale - she should speak to the bank to find out.
She would have tp show some sort of hardship (determined by the bank) for this to work, so if she has a number of other assets, savings, etc, she might not qualify.
It can't hurt to look into this.

Good luck!