Guide to Short-Pay Refinancing
There is a real estate professional financing firm that is able to provide fast mortgage solutions for you who might be having a hard time dealing with finances, especially if you do not pay off your mortgage payments on time or you cannot do so at all. This is called My Homeowners Advocate and it is based in San Diego, California. This firm has already helped millions of Americans who have been battered with money problems and have been caught with the housing recession that occurred in the United States recently.
The firm’s focus is to provide fast and reliable real estate solutions that will not only favor those who are having difficulty with their mortgage payments such as homeowners, but will also connect with lenders and servicers to create the best possible deals that will not create any conflicts of interest. My Homeowners Advocate is known for its excellent and professional staff that is able to take inquiries of various sorts. By asking a question about any problems with regards to mortgage payments, a very reliable staff from the firm will offer the best solution for them.
One of the best solutions that a person like you can get is short-pay refinancing. You can avail on this if your remaining mortgage principal is higher than the value of your house. Once you directed this kind of grievance to My Homeowners Advocate, they will try to contact a new lending firm or a real estate broker that will assess the market value of your house in the current setting. Once the assessment is done, either the broker or the lending firm will submit it to the Federal Housing Administration (FHA) for approval. Once approved, the broker or the lending firm will go to a servicer that handles your mortgage loan and they will try to create the best possible deal, which is a discounted mortgage principal. When there’s a discount, expect that your monthly mortgage payments will be less than that of your current mortgage principal. This is because a new terms and conditions of the FHA loan are in place.
You must first know that before you avail of short-pay refinancing, you must follow these four criteria:
- You must have an existing mortgage.
- You must have a good credit standing.
- You must be able to earn a sufficient amount of income.
- You must have a good credit score.
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