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FHA Refinance for Borrowers with Negative Equity (FHA Short Refinance)
The FHA Short Refinance program provides financial incentives for lenders to refinance and modify FHA-insured mortgages
The FHA Short Refinance program is designed for borrowers with FHA-insured mortgages who are not behind on their mortgage payments but whose mortgages are greater than the value of their properties
FHA Short Refinance is designed to help homeowners refinance into more affordable, more stable FHA-insured mortgage
The FHA Short Refinance program works through lenders so contact your mortgage servicer (the company to which you make your mortgage payments) to see if they participate in the program
If your current lender agrees to participate in an FHA short refinance, they will be required to reduce the amount you owe on your first mortgage to no more than 97.75% of your property's current value
The FHA-2LP program expired on December 31, 2013 but we provide the following summary for informational purposes
If you have a second mortgage and your first mortgage servicer agrees to participate in an FHA Short Refinance, you may be eligible to have your second mortgage on the same property reduced or eliminated through the FHA Second Lien Program (FHA-2LP)
To be eligible for the FHA-2LP program you must first verify that you are eligible for an FHA Short Refinance and you must have obtained your mortgage on or before January 1, 2009
If the servicer of your first mortgage agrees to an FHA Short Refinance, the first mortgage servicer will work with the second mortgage servicer to reduce or eliminate the second mortgage
If your second mortgage servicer agrees to participate, the total amount of your total mortgage debt (including your first and second mortgages) after the refinance cannot exceed 115% of your home's current value
The FHA-2LP program works through lenders, so contact your mortgage servicer (the company to which you make your mortgage payments) to see if they participate in the program and they can also evaluate you for a second mortgage modification
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