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The FHA Short Refinance Can Help You Get The Bank To Take A Short Payoff On Your Mortgage |
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SHORT REFINANCE FHA SECURE, HOW TO GET THE BANK TO DISCOUNT YOUR MORTGAGE
In Arizona we have been seeing record numbers of foreclosures, record numbers of bank repos and record numbers of short sales. Homeowners are faced with rising mortgage payments when their once low adjustable rate mortgages reset and climb. A short sale has been a common answer to losing a home through foreclosure.
But now there's a new answer; the short refinance FHA Secure. The short refinance works exactly the same as a short sale with the exception that the homeowner remains a homeowner. In a short sale, once an offer comes in it gets presented to the bank along with an application package from the seller to the bank asking to take a discount on the current mortgage. Once the bank accepts the offer for less than what the seller owes the bank they have agreed to a short sale. A short refinance works in much the same way as a short sale only in the case of a short refinance the "offer" presented to the bank is actually a copy of the homeowner's brand new short refinance FHA Secure approval. The short refinance approval, along with all the supporting documentation, is then submitted to the bank requesting a discount. Once the bank accepts the discount, they have accepted a short payoff and agreed to a discount on the loan allowing for the short refinance.
A major benefit of the short refinance is that it allows borrowers to keep their homes. The short refinance delights homeowners because they get a new start with a lower mortgage payment and a lower mortgage balance.
Why would the bank agree to a short refinance and not just foreclose on the property? Simply put foreclosing on a property requires large amounts of legal fees and then the home is typically sold at a substantial discount off of the fair market value. The short refinance allows the bank to avoid the majority of the legal fees and let's the new lender make its largest loan based on the fair market value.
Read how the Short Refinance FHA Secure Helps 200,000 families
Apply for a Short Refinance FHA Secure loan |
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Down Payment Assistance For FHA ELIMINATED |
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Down Payment Assistance for FHA Mortgage Loan Programs is being eliminated on October 1, 2008. Many lenders who had accepted Down Payment Assistance for FHA buyers have stopped accepting applications on the product.
On July 30, 2008 the President signed into law the Housing and Economic Recovery Act of 2008. This law will eliminate the dream of home ownership for 50,000 to 100,000 families this year.
The loss of Down Payment Assistance could be devistating. According to the Nehemiah Corporation of America 40% of all FHA buyers will be affected.
Do you remember buying your first home?
Putting the key in the front door for the first time?
Imagining where everything would go?
Telling all your friends about your wonderful new home?
Do you remember how that felt?
Now imagine if it never happened! The loss of Down Payment Assistance will affect up to 100,000 families this year.
You can help...
You can apply for an FHA Loan with down payment assistance here, while there is still time. |
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Is FHA Secure The Bad Credit Mortgage? |
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Is FHA Secure a Bad Credit Mortgage?
Is it the Foreclosure Refinance?
These are two very popular questions I've been getting about the FHA Secure Short Refinance Loan so let's look at these mortgage questions one at a time.
Is FHA Secure a Bad Credit Mortgage?
No - I help homeowners all the time fit into the FHA Secure Short Refinance Loan who have flawless credit and 700 plus credit scores. The key here is to be able to prove that your current mortgage is causing an undue financial burden and will eventually push you into a situation where foreclosure is a posibility. Please keep in mind you do NOT have to be late on your mortgage, or other credit, to qualify.
Is FHA Secure the Foreclosure Refinance?
The FHA Secure was created to help prevent foreclosure through helping homeowners who are faced with foreclosure being a real possibility. According the HUD there is no limit to how far behind a homeonwer can be and still qualify for the FHA Secure Loan. While a Foreclosure Refinance is possible under FHA Secure it is highly recomended that you talk with and open communications with your current lender if you are in this situation. If you are in foreclosure you should also speak with a HUD approved housing counselor. You can find them here.
In Summary
The FHA Secure is also known as the Short Refinance and is helping homeowners who are faced with the real possibility of foreclosure and also those whose adjustable rate mortgages have reset or are soon going to reset and cause a severe financial hardship. FHA Secure is referred to as the Short Refinance Loan because many times, the amount you owe on your mortgage is not as high as your home value. This results in the lender taking a short payoff similar to a short sale.
Please contact me through this website or
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if you are considering a short refinance. |
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