Need Help With A Short Refi
I was dealing with Loss Mit at Wash Mutual and they gave a Short Refi as a solution. The homeowner does not want to sell, so a straight short sale is not in the cards.
Can anyone explain exactly what a short refi is? My guess is that the bank takes a discount on the condition it gets paid off from the refi. WaMu is a 1st. There is a 2nd for 80k. WaMu would do a short refi on the condition that the 2nd receives nothing.
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