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Michelle, Home Buyer in Riverside County, CA

Short refi (What exactly does it mean)

Asked by Michelle, Riverside County, CA Wed Mar 11, 2009

I am currently up to date with my mortgage but I would like to see if I could qualify for a short refi to lower my monthly pymts so that I am not stressing month to month on making all my pymts. I have a Chase mortgage. I have two jobs! Self employed and an office manager. Any informed info would be greatly appreciated. I would also like to know where to go to see if a short refi is really what I want. I owe 416,500.00 but the value due to the recent sales on my street its probably sitting at about 275000.00

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3
Hi Michelle,

Short refinances definitely need a professional's assistance. I'd be happy to discuss this with you. Josh Painter mentioned me in a recent post.

Also, I will be hosting a seminar on loan modificaitons, short refinances, short sales and litigation with an Attorney Partner of mine in April at a venue in Temecula, CA. When we talk I'll send you the information.
0 votes Thank Flag Link Tue Mar 17, 2009
A short refi is similar to a short sale, where your current lender would agree to take less than the full amount owed and consider your loan settled. You would refinance into a new loan for the amount that the lender did not agree to forgive, usually the appraised value.

If you'd like to speak to a lender, call Jonas Kruckeberg at 951-506-4663
He does short refis.
0 votes Thank Flag Link Sat Mar 14, 2009
Michelle
You are still going to have to qualify for whatever mortgage you have. If you have no job and no income that is going to be tough.

I do have a referral to a firm that does facilitate short-re-fi's.
0 votes Thank Flag Link Thu Mar 12, 2009
Keith Sorem, Real Estate Pro in Glendale, CA
MVP'08
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