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californiagrape · 03-01-2008, 12:24 PM

i agree with Poppy (as usual); the short refi is part of the FHA Secure program.. but getting a lender to do it is another story. Negotiation is what it is all about.

We are having enough problems with the 2nd mtgs re-subordinating to the new FHA Secure first ... i can't image the conversation you will need to get a short refi. (but if you look at it from a logical sense (not saying bank see it logically) : would it not be better for the bank, stockholder, investors and you the home owner to have this facilitated and payoff your current lender upto 97.15% (minus fees, PPP, and whatevery they charge in addition) than foreclosing and losing b/w $30 - 60k in foreclosure costs??

the policy is there but it does not mean they or anyone has to accept it.

what do you think; Poppy? is this a good summation?

03-01-2008, 12:24 PM	#64 (permalink)
californiagrape Member Join Date: Jan 2008 Posts: 28 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: FHA Secure i agree with Poppy (as usual); the short refi is part of the FHA Secure program.. but getting a lender to do it is another story. Negotiation is what it is all about. We are having enough problems with the 2nd mtgs re-subordinating to the new FHA Secure first ... i can't image the conversation you will need to get a short refi. (but if you look at it from a logical sense (not saying bank see it logically) : would it not be better for the bank, stockholder, investors and you the home owner to have this facilitated and payoff your current lender upto 97.15% (minus fees, PPP, and whatevery they charge in addition) than foreclosing and losing b/w $30 - 60k in foreclosure costs?? the policy is there but it does not mean they or anyone has to accept it. what do you think; Poppy? is this a good summation?