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Short refi or short sale, what will be the problems or delays?

short refi


I tried to refi, but when the appraisal came out, the value was low. it is $50K lower than the purchase price. So, refi didn’t happen. I called my lenders. 1st lender said they cannot modify my loan because I won’t be able to afford it. They suggested that I call the 2nd lender to work out a short pay. The 2nd lender said that they will send me the materials to fill out the request for a short pay. Ocwen is my second lender. They sounded that they are willing to work with me. It sounded too good to be too easy to do. I have a good credit score. My question is, what can delay Ocwen to agree for the short pay?

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   Posted in Short Refinancing    

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One Response to 'Short refi or short sale, what will be the problems or delays?'

  1. kemperk - July 30th, 2010 at 12:55 am

    2 things to keep in mind;
    if the first lender is not paid by you–
    and forecloses, the 2nd lender has to pay off the 1st mortgage to keep
    his loan good.
    ———–
    you might consider selling PART of the house–1/4 or 1/3rd, whatever,
    so that you can keep the house and
    stil live in it.

    lastly–consider putting in a small
    biz into the house to help pay the
    mortgage.


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