CNBC is talking about a short pay refi as we speak right now. They are talking with a homeowner who is on a 5 year fixed, and then adjustable rate. He put twenty percent down within the last two years and is still upside down on his loan.
His lender quoted him that it could hurt his credit by 150 points. His lender should not talk with him about how much it will hurt or not hurt his credit, as each person is affected differently, depending on each individual factor on his account.
This consumer could be hurt on his credit score as well as be asked by his lender to pay a promissory note for the deficiency balance, thereby possibly ending up with two loans owing for his home that he will have to pay.
CNBC
If you are considering a Short Pay Refi, educate yourself. About the Author: The above info regarding Greenwood IN was provided by: Heather Fitzgerald, who has over 15 years of experience in real estate, title insurance, and lending that can be put to work for you. Heather can be reached by phone at 317-885-8858. Thinking of selling your home or buing your next home? We can help you with this. I service the following areas: Greenwood IN, Indianapolis IN, Franklin IN, Whiteland IN, Mooresville IN, Martinsville IN, Avon IN, Carmel IN, Westfield IN and surrounding areas. Check more properties at no obligation: http://www.SmithFitgeraldTeam.com Copyright © 2009 By Heather Fitzgerald-Greenwood IN Real Estate----Short Pay Refi-All Rights Reserved. 
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