It’s like one of those things that you hear about like electric cars on mass scale but we keep hearing about the short pay refinance. To sum it up succinctly it is basically refinancing your current mortgage for less than you owe. Sound familiar? It may be somewhat similar to a loan mod but this one may have more teeth. That is, if the banks decide to fully embrace it.
Our B of A contact mentioned to us that they are still considering the guidelines and parameters of the program but we couldn’t pin him down for an availability date.
Anyway, here is a link to one of the more straightforward stories of the short pay re-fi.