Full Payoff Refinance

[nick18]

I was reading an article about foreclosure and it suggested doing this. It said that even if you have bad credit that this maybe an option. Does anyone know about this. It sounds like taking out a new mortgage to buy your house back?

[toopooor]

you generally need some equity in the home unless they will do a short refi - then its like a short sale to yourself.

[MLE]

I know this is an old topic, but it's the only one I found on this subject and something I may need to try. It's called a short payoff. I moved out of my house, missed my last two mortgage payments and may have found a seller. I would be only a few thousand in the hole. From what I understand it's like a personal loan and wouldn't hit your credit like a short sale would since you would be paying off the debt. I read nothing about needing equity in the home. I'm trying to get an unsecured personal loan as a first option, but I'm only bringing in half monthly from what I was two months ago and lenders are seeing my mortgage account in addition to the rent on my new place so it's not easy. Even though I want the loan to get out of the mortgage. If anyone has experience in this please respond.

Edited December 9, 2010 by MLE