I was beginning to think it would never end.The loan was called in Aug 24th, so we had to re-fi out of the hard money.

Banks in my area are being really tight right now so if you can make the numbers work I would re-fi....

., rate increase capped at 2% every 5 years.I don't have anything commercial yet so I'm not sure how to factor in the variable interest rate.All the financing we provide is variable and most borrowers don't mind after we discuss:1. they can (and should) re-fi to fixed at a better rate after they have sufficient seasoning & operating history2.

Even doing a re-fi is tough!

Benefit from tax benefits.4. re-fi down the line when you THINK of selling.

I hadn't thought about just paying only interest payments for 6-9 months and then trying to re-fi.

The reason I am telling you about how it was in AZ is because I am wondering if the same can be done in SC. I

Wouldn't the banks re-fi them if they had this much equity??

When finished, keep it for rentals, and re-fi.

The money was lent against the house...not the balance of the checking account.However, if either of the loans is a HELOC or re-fi used for reasons other than the original purchase...then there may be a deficiency clause in which case they will pursue the homeowner after the short sale is completed.And as far as the hardship goes...if the borrower decides not to pay the mortgage...of course the bank will look at a short sale even if the borrower has money...is the outcome any different if the property goes to foreclosure?