Basic Facts About Short Sale Refinance, Dade County
A short sale and its refinance are very much similar
. In both the cases the borrower repays his lender a lesser amount than he owes on the mortgage. This may sound strange, but the reason a lender will accept this is, if in the event a borrower can no longer pay the monthly payments and is facing a foreclosure, the lender will have to take the house back and try to resell it at a probable loss. The bottom line is that the lender and the banks don't want to bear the responsibility of dealing with a foreclosed property, as they are not in the real estate business and also of course stand to lose a substantial amount of money on the property.
Short sale refinance is the most sought after option available to homeowners in need of a mortgage restructuring, if he is not eligible for a loan modification. But homeowners are often easily confused about the terms "loan modification" and "short sale refinance", as both aim to lower mortgage payments. Though there are certain similarities between the two procedures, these are not the same. If a person considers the option of loss mitigation negotiation, he should properly understand what a short sale refinance is.
A short refinance is a type of loss mitigation negotiation in which the lender agrees to reduce the outstanding principal balance on the mortgage, so the homeowner can qualify for an FHA (Federal Housing Administration) loan refinance. The original loan balance is lowered so it is in accordance with the property's current market value. This means if the current mortgage is upside-down in terms of the value of the home, the principal reduction will fit more comfortably within the recent market and allow homeowners to qualify for a refinance. So, with a short sale refinance a home owner can enjoy a new loan with much favorable terms and conditions. A homeowner should consult with a third party loss mitigation firm who can evaluate the current mortgage situation and advise whether refinance is the best option.
Do you want to opt for a short sale refinance? Dade County is one such place in the United States, where you can avail the services of the reputed law firm of Jorge Gaviria. To know more about them log onto www.miamiforeclosurelawyers.com. The experienced professionals of this firm will analyze your financial situation and guide you the best. In order to enjoy a financially free life, contact them now.
by: Aliceshown
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