Tucson FHA Loans – AZ FHA Mortgage Loans

With the FHA Secure Short Refinance, when you owe more than your home is worth, there are typically three outcomes. Which option you are presented with in the outcome of your FHA Secure Short Refinance will depend upon the negotiations with your current mortgage lender.

1. Short Refinance Write Down – This is the option of choice and the option we pursue when we package an FHA Secure Short Refinance offer to your current lender. The existing lender writes off the amount of indebtedness that exceeds the amount that can be refinanced into the FHA Secure Short Refinance.
2. FHA Secure Refinance with subordinate financing – In many cases the existing lender will accept a secondary lien in the amount that the payoff is short.
3. FHA Secure Short Refinance with a partial unsecured loan – In some cases the existing lender will write off a majority of the existing loan and allow for the creation of an unsecured loan of a portion of the amount that cannot be covered by the new loan. An example of this may be that the new FHA Secure Short Refinance loan can cover all but $50,000 and the existing lender agrees to write off $43,000. They may allow for an unsecured low or zero rate loan to cover the final $7,000 in an effort to make the transaction work.

Apply for an FHA Secure Short Refinance today.

Find out about a Las Vegas fha Short Refinance.

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