A Las Vegas FHA short refinance is a possible solution for a homeowner who owes more than their appraised value.
The following options fall inline with the new Bailout Bill or Hope for Homeowners program:
1. FHA Secure Refinance - This is typically the case when the borrower has two separate mortgages that total more than the home is worth. For an FHA Secure Refinance, the new lender will allow the second to remain as a subordinated lien.
2. Short Refinance – This is also considered a Mortgage Write Down where the current lender holding the note allows for a payoff which is less than the total amount owed. There is a process of negotiating with the current lender to allow this transaction to take place.
3. FHA Secure Short Refinance – There are some special occasions where the current note holder will allow write off a certain amount of the balance due and arrange for an unsecured loan to be paid separately by the borrower. The benefit with this example would be to obtain a very low interest rate on the remaining balance that was not wrapped up into the new mortgage payment.
There are several other options to explore if you find that an ARM is adjusting or your current income / employment scenario has created a hardship.
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Written By: Mark Madsen
Communications Director
Raintree Mortgage Services
Las Vegas, NV, 89147
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Work: 702-432-5626
mark (at) myfhablog.com
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