I live in Florida and recently negotiated a short Refi with my first and second mortgage. This process took over 6 months to complete. Here is the kicker. WAMU, who holds my first, told me the deal was off the table because they do not do short refinance deals. This occurred on 7/18/09. We closed on the short refi on 7/17/09. The bank backed out of the deal. Can you believe that? They are saying they had no idea that it was a short refinance, yet all communications (emails, recorded phone calls, etc.) stated that this was a short refi. So at this point the banks win again and the consumer gets screwed.
I live in Florida and recently negotiated a short Refi with my first and second mortgage. This process took over 6 months to complete. Here is the kicker. WAMU, who holds my first, told me the deal was off the table because they do not do short refinance deals. This occurred on 7/18/09. We closed on the short refi on 7/17/09. The bank backed out of the deal. Can you believe that? They are saying they had no idea that it was a short refinance, yet all communications (emails, recorded phone calls, etc.) stated that this was a short refi. So at this point the banks win again and the consumer gets screwed.