Jul 29, 2010
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Short Refinancing

The Short Refinance is a process in which we will negotiate with your lender to accept a reduced payoff in order to refinance your home into a new mortgage. The payoff has to come in under current appraised value, so you can qualify for the new loan. This means you will have equity in your home at the end of the process.

The Short Refinance process can be time consuming but the benefits if successful are the best possible results for both you the homeowner and your current bank. The time frame that can be expected is:

 Weeks 1 - 2 Setup
    		• Customer Service receives and inputs file into system. Welcome!
    		• Authorization letter is sent to lender.
    		• File is run through underwriting based on new potential loan amount.
    		• Title company prepares estimated HUD.
    		• Package is submitted to bank for consideration.
     
     Weeks 3 - 4 Value Assessment
    		• File is assigned to Asset Manager at bank.
    		• Asset Manager contacts Surefast to review file.
    		• Appraisal is ordered.
    		• Surefast Negotiator coordinates access to property.
    		• Appraisal is completed.
     
     Weeks 5 - 8 Negotiations
    		• Asset Manager contacts Surefast Negotiator to provide counter.
    		• SureFast Negotiator reruns loan approval based on Appraisal and Bank Acceptance.
    		• SureFast Negotiator responds to Asset Manager with updated approval.
    		• Asset Manager submits their recommendation to bank management.
     
     Weeks 9 - 12 Settlement
    		• Asset Manager delivers loan payoff to SureFast Negotiator who distributes to involved parties.
    *   
    		Your loan is submitted to underwriting at new lender
    		• A close date is set.
    		• Title company forwards preliminary HUD to Surefast Negotiator for final approval.
    		• Closing Day arrives. Funds are wired or mailed to work. Short Refinance is complete.
     
     
    The Importance of a Backup Plan

    The Short Refinance is the best outcome for all parties involved. The problem is not all banks accept them and some banks accept them on a case-by-case basis. While we will fight hard to get this outcome, it is important to be prepared to either modify your loan or short sell it. These two options are not as good as the Short Refinance, but it is important to be prepared to switch to one of these two programs if the Refinance is turned down.

    This model is intended to be used as a guideline only. Timeframes for this Process may vary by lender. Loan type, loan amount and marketing history may also impact the process. Properties with more than one lien will require acceptance from both lenders before close. Any files with incomplete or missing documents will further delay this process.

     
    New Company 4201 North 24th Street Suite 150, Phoenix, AZ 85016