Bank of America
Short Refinance for Underwater Mortgages
Bank of America was one of the first banks to step in and talk about short refinancing a certain segment of their portfolio. What they have done is take their highest risk loans and offered those homeowners the opportunity to short refinance their mortgage if they met certain criteria.
Take note the specific loan types that will qualify for the Bank of America Short Refinance program.
1. Option ARM - Negative amortization loans
2. Subprime mortgage- 2 year ARM or Hybrid ARMs
If you fit into that little tiny box then you are in luck. If you have a Fannie Mae or Freddie Mac mortgage then you are no longer in luck for THIS program. Contact Shellie or Brent for more information on other Short Refinance Programs.
