A Short Refinance Was In Our Foreclosure Loss Mitigation Plan

July 11th, 2009

Many things had happened that were totally out of our control.  We had lost one of our jobs and the value of our home had plummeted.  We were making payments on a house that was worth half what our mortgage was worth.  There was no way we could sell and pay off the mortgage or even a reasonable portion of it.  Thanks to foreclosure loss mitigation that allowed us do a short refinance.  Our lender reduced the amount of the loan to reflect the current market value and then we were able to refinance with a new lender at a more reasonable rate.

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Entry Filed under: Business

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