short refinance

noun

Legal Definition of short refinance

: a refinance of a mortgage in which the lender agrees to reduce the amount owed and forgive the remainder

Note: Short refinances are used by lenders as an alternative to foreclosure.

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“Short refinance.” Merriam-Webster.com Legal Dictionary, Merriam-Webster, https://www.merriam-webster.com/legal/short%20refinance. Accessed 5 Dec. 2020.

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