Solving refinance challenges

By Marcie Geffner •

Homeowners who have financial problems and want to refinance their mortgage may be pleased to know there are some strategies that can help them overcome such challenges as inadequate income, excessive debt, negative equity or poor credit.

The challenges aren't imaginary. Lenders have indeed tightened their standards, and there are few good solutions to common problems, according to Robert Satrick, president of Prime Financial Services in Van Nuys, Calif., and chairman of the California Mortgage Bankers Association in Sacramento.

"That sounds harsh. I know that," he says. "But that's the reality of the way it is."

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