| Short Refinancing is possible. | | | | the first reaction your make will take? "NO" is |
| Most people would tell you that this is a "pie in the | | | | ingrained in them and I rarely get a "YES" on my |
| sky" concept but if presented correctly there is a | | | | first attempt with anything. The people who |
| very good chance that your situation will produce | | | | process these files are very prone to making |
| a positive result. There are some rules you need | | | | mistakes with their calculations and that is why it |
| to follow to pull this off correctly, so let take a | | | | is important to understand ratios, income and |
| closer look. | | | | qualifying. |
| 1. In order to qualify for a short refi you must | | | | 3. I received an email today and somehow it was |
| demonstrate a financial need. This is all centered | | | | misunderstood that a short refinance (short sale) |
| around your debt to income ratio so | | | | required missed payments. Well missing payments |
| understanding your own debt to income calculation | | | | certainly demonstrates a need but it has a HUGE |
| number will help you understand the process and | | | | negative impact to your overall credit profile |
| qualifying for a short refinance. | | | | limiting your future options. In other words, you |
| 2. You have already tried to get a loan | | | | can buy or refinance your home if you miss any |
| modification and were told "NO". I hear it all the | | | | payments because the new loan will not allow for |
| time. Now let me ask you this, what do you think | | | | it. |