Short Re-Finance your Pheonix | Scottsdale Home

September 13, 2008

In Arizona, especially the Greater Phoenix area and in towns like Peoria, Glendale and Mesa, short sales are often as prevalent as regular resale listings. In almost every city (with the possible exceptions of Paradise Valley and North Scottsdale) there are short sales and foreclosed homes on every block.

Foreclosure can be avoided. However you have to know your options to avoid foreclosure.short sale refinance in phoenix arizona

There is one option that most people are not aware of but has been successful. It is called a ‘Short Re-Fi‘ (short -refinance).

Here’s how it works.  A lein-holder (typically, a bank) will allow a borrower to re-finance the short amount with another bank.  For example.

Mr. Phoenix homeowner wants to do a short sale for $250K. The bank agrees. The seller now , with the certificate of short sale approval approaches another lender and attempts to qualify for a new loan in that amount.

This short-refinance is a form of short sale or loan modification. The key to getting this approved is to contact your lender as soon as possible. Continue paying your mortgage on-time. If you are 30 days late or more, the likelihood is quite small your short-refinance will be accepted.

The typical candidate who has a very good chance of success for a Short Re-Finance is an on-time borrower who has an adjustable rate mortgage (ARM) that is getting ready to adjust. When that ARM goes higher it will push the monthly payment to an unmanageable amount. However, a short-refinance from most banks will offer a new loan at a fixed-interest rate much lower and on a lesser loan amount. Thus, allowing the homeowner to keep the property and remain in their home with the ability to pay on-time.

If you are still paying on-time, but think problems are on the horizon due to an adjustable rate mortgage, call you lender right away. You may be pleasantly surprised that are options to keep you in your home.

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Contact James Wexler (480) 221-8080 for your Phoenix | Scottsdale area Real Estate needs

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Written by James Wexler · Filed Under Articles, Lending / mortgages 

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One Response to “Short Re-Finance your Pheonix | Scottsdale Home”

  1. OnEntreprend » Blog Archive » Short Re-Finance your Pheonix | Scottsdale Home on September 13th, 2008 3:01 pm

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