This is definitely one of the big banks and lenders best kept secrets. But with the recent increase in foreclosures and the tightening of lender guidelines, which makes it even harder to qualify in today's market for a refinance, and not to mention the drop in property values in such areas as Fort Lauderdale and Miami has brought the short refinance to the front lines. While some might have heard the term Short Sale – which is the process you would go thru if you are trying to sell but you owe more than the house is worth. Now the Short Refinance – is the process you would go thru if you want to keep you home, but you need a better loan program that will be more affordable and you owe more than your house is worth so you can't do a regular refinance. Similar to the short sale, the short refinance is a negotiation with your current lender to reduce the amount you owe to facilitate a refinance with a new lender.
Not to be confused with a loan modification. With a loan modification you will stay with your current lender and just renegotiate the terms of you loan, with the short refinance you are getting the lender to reduce the pay off, so you can get a loan with a completely new lender.
Now with any loss mitigation process, including loan modification, short sale, and short refinance, they are all on a case by case basis and the lender has the final say. So don't expect to get the same results as your neighbor or family member received. Any company out there that offers you a guarantee that you will be approved for any of these loss mitigation options or tell you to stop making payment, you should stay clear of……and I mean run.
Now it is important to note, that you don't have to be behind on payments or in Foreclosure to qualify for a short refinance, although majority of the people that get approved are normally in foreclosure. Today, with lenders having an abundance of non performing loans on their books has caused them to be more flexible when working with home owners to come to win win agreement for both borrower and lenders.
Also South Florida home owners in such areas as Fort Lauderdale and Miami that have found themselves with either an adjustable rate mortgage or have found themselves upside down on their homes, which has prevented them from doing a regular refinance, now have this option, that if approved, can refinance into a more affordable fixed rate mortgage and avoid foreclosure Because of the increase demand for loss mitigation, it has been taking most lenders a minimum of 45 days and up to 90 days to complete the process.
Normally when a homeowner finds themselves in foreclosure, they would only hear about 2 options either file bankruptcy or try and sell. Lately, loan modifications have become more popular, but that still doesn't mean that is best solution for most homeowners. Here's why, we offer the lender a short-refinance offer first and if for any reason it is not successful, then we will proceed with an offer to negotiate a loan modification for the client.
A short-refinance can basically create equity in a property, as we are getting the amounted owed to the lender reduced. It reduces the mortgage to the current market value, while eliminating the upside-down loan. While A loan modification can keep the homeowner's interest rate down to a comfortable level and put them into a fixed rate loan, while also placing any arrearages back into the loan.
But if the property is upside-down and by the adding the arrearages back into the loan, it could be in worse shape than before. Now don't get me wrong, if the homeowner's intentions are to keep the property long enough for the market to turn around, then this is a win win situation for both lender and homeowner. The main purpose of a short-refinance or a loan modification is that the home owner is allowed to stay in their home.
A lot of Fort Lauderdale and Miami homeowners are realizing that their property is not worth nearly what they owe on it, several of them have opted to just walk away. A short-refinance gives homeowners' hope, that they can get themselves from an upside-down mortgage problem, and in some cases can save their home from foreclosure. This keeps them in their home, gives them a peace of mind, and allows them to get on with their lives as the possibility of foreclosure in now behind them.
While Loss Mitigation may not be for everyone, it is important to work with an expert in the field that can analyze your situation and help you determine the best loss mitigation for you and your family.
I Just Want To Keep On Loving You
Although there are many things that can affect the performance of your computer, there are a few simply things you can do each month to help keep your computer running at maximum performance. This article will focus on two problems that impact the performance of your computer and will then explain what you can do about it.
Problem #1: Computer Hard Disk Files
Your computer is always writing information to your hard disk, no matter what you do. Your computer attempts to keep all file information in the same location on your hard drive. As you add and delete files, blank spaces are left between your files. As you add new programs or files, your computer tries to use these blank spaces.
Over time, this reading and writing of files can affect the way your computer performs. The files eventually become scattered in multiple locations on your hard disk rather than in the same location.
Your computer will still find the information. However, the more scattered the information becomes on your hard drive, the more accesses your computer has to make to find (and gather) the information. This requires your hard disk to work harder and do more reading/writing than is necessary. It will slow down your computer by as much as 200% and causes increased wear and tear on your hard drive.
Problem #2: Spyware
If you use the Internet, at some point you will download a file or software program onto your computer. Sometimes you will know something is being downloaded to your computer. Other times you will have no idea. (Although this article will not talk about small files called ?cookies?, you may want to look up information on this subject. Cookies are written onto your computer from the Internet.)
Free computer programs (often referred to as Freeware) are a big hit on the Internet. Every day thousands of users download these ?free programs?. Although there are some great freeware programs, these programs often have advertisements or tracking code associated with their use. The term ?Spyware? refers to programs that gather information about your computer and (Internet) surfing habits without your knowledge. This information is then sold to a third party company as a means of generating revenue.
The problem with Spyware is that it also impacts the performance of your computer. It can make your computer very sluggish and unresponsive.
Three Steps to Improved Computer Performance
Now that we've discussed two problems that affect the performance of your computer, let's discuss three things you can do to get your computer performance back to normal. You should do these three steps in the order presented. Ideally, you should repeat them about once a month or whenever you notice a change in your computer's performance.
Step #1: Delete Spyware
The first thing you should do is to delete spyware files or programs from your computer. To do this, you can use a free software program such as Ad-Aware SE Personal Edition from LavaSoft. To get the program, go to www.download.com and search for ?Ad-Aware SE? (without the quotes). Select ?Download Now? and follow the installation instructions. Once the program is installed, you can scan your computer for spyware files. Then, you can select and delete them from your computer.
Note #1: Always be sure to use the ?Check for updates now? option to keep your program current.
Note #2: You need to be aware that when you delete spyware files, some of those ?free? programs you downloaded may not continue to work correctly. If you have a program you've downloaded and want to continue to use, check very carefully what you select to delete from the ?Scanning results? once the scan has been completed.
Step #2: Clean up your Hard Disk
Once the spyware is removed, you need to clean up temporary and unwanted files from your hard disk. To do this on your windows PC, select the start option in the lower left hand corner of your computer screen. Then, select the program option. Under the program option, select ?Accessories?. Under the ?Accessories? option, select ?System Tools?. From the System Tools option, select ?Disk Cleanup?.
Select the drive you want to clean from the pull-down menu and select OK. Usually, this is Drive C. If you have more than one hard drive, select one at a time. This program will then scan your computer for files that could be erased from your computer. You can safely erase all temporary and Recycle Bin files. You can also check the box of any other files you want the program to erase.
Step #3: Defrag your Hard Disk
Once all the spyware and temporary files are removed, you need to defrag your hard disk. This process simply rewrites your computer files so they are no longer scattered all over your hard disk, but are written in the same location for quick sequential access.
To defrag your hard disk on your windows PC, select the start option in the lower left hand corner of your computer screen. Then, select the program option. Under the program option, select ?Accessories?. Under the ?Accessories? option, select ?System Tools?. From the System Tools option, select ?Disk Defragmenter?. First, select the hard drive from your computer. Usually, this is Drive C. However, many computers have multiple hard drives. Select one at a time.
You can select ?Analyze? to have the program check out the hard drive and see if it needs to be defragged. The program will prompt you at the completion of its analysis. Use the defragment option as prompted.
Note: If you've never used this option before, I would recommend that you select the defragment option.
Once, you've completed these three steps, your computer and hard disk should be able to operate at maximum performance. Don't forget to repeat these steps at least once a month or whenever you notice a change in your computer's performance.
Both Marlon Baugh & Rekha Heer are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
Marlon Baugh has sinced written about articles on various topics from Chapter 13 Bankruptcy, Credit Counseling and Family. Marlon Baugh is a nationally-known mortgage expert. Since 2003, he has specialized in mortgage loans for people with Bankruptcies, Foreclosure or with other credit issues, as well as Loss Mitigation and Commercial Mortgages. If you would like a Free Copy. Marlon Baugh's top article generates over 22200 views. to your Favourites.
Rekha Heer has sinced written about articles on various topics from E Books, Foreclosure Help and Education Toys. Did you find this article useful? For more useful tips & hints, Points to ponder and keep in mind, techniques & insights pertaining to Web Designing, Do please browse for more information at our website :-. Rekha Heer's top article generates over 2400 views. to your Favourites.
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