Loans, Debt & Credit - View Single Post - Newbie and Question about short payoff/sale

faith · 07-28-2009, 08:33 PM

Oh, I am sorry, we are talking of two different things. The latest program available for distressed homeowners is called Short Pay off Refinance. This program allows home owners who are current with their mortgage to refinance into a fixed 30 yr mortgage at the current value of their homes.

A Short Refi payoff is when a borrower(s) try to refinance but the loan is SHORT to close. This occurs when the total payoff for the first mortgage lien or the first and second mortgage liens can not be PAID IN FULL. When the new loan for the Refinance does not allow for a full payoff of the first and/or second mortgage liens the borrower has to apply for a Short Refi Payoff with their current mortgage servicing, sub servicing company or lender

This program is for homeowners that are current on their mortgage payments the last 12 months. This can only be achieved if the lender participate in this program.

I think you should ask for the Deutsche Bank’s Supervisor’s phone number and email so you can discuss your situation with him or her.

Good luck to you, God bless and take care.>>

07-28-2009, 08:33 PM	#6 (permalink)
faith Homeowner & Forum Guide Join Date: Feb 2008 Location: San Diego Posts: 972 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Newbie and Question about short payoff/sale Oh, I am sorry, we are talking of two different things. The latest program available for distressed homeowners is called Short Pay off Refinance. This program allows home owners who are current with their mortgage to refinance into a fixed 30 yr mortgage at the current value of their homes. A Short Refi payoff is when a borrower(s) try to refinance but the loan is SHORT to close. This occurs when the total payoff for the first mortgage lien or the first and second mortgage liens can not be PAID IN FULL. When the new loan for the Refinance does not allow for a full payoff of the first and/or second mortgage liens the borrower has to apply for a Short Refi Payoff with their current mortgage servicing, sub servicing company or lender This program is for homeowners that are current on their mortgage payments the last 12 months. This can only be achieved if the lender participate in this program. I think you should ask for the Deutsche Bank’s Supervisor’s phone number and email so you can discuss your situation with him or her. Good luck to you, God bless and take care.>> __________________ Regards, Faith "Pay it forward"