Short Refinance
A Short Refinance, also known as a short payoff, is a transaction, where the lender agrees to accept less than the full amount owed.
Instead of the property being sold, it is refinanced with a new lender. The short refinance allows the homeowner to retain ownership of the property, while at the same time avoiding a foreclosure or possible bankruptcy.
If you want to keep your home, but don't have enough equity to get into a foreclosure bailout loan, a short refinance is your answer. By negotiating a short refinance with your current lender, you can obtain a payoff of less than the full amount owed, and refinance your home with a new lender.
Short Sale
A short sale is usually an arm's length transaction, where the current lender agrees to accept less than the full amount owed when the property is sold.
- If you are facing foreclosure and don't have thoughts of keeping your home, we can also negotiate a short-sale.
- If you already have someone to purchase the home, but need a short sale negotiated, we can help. Or, if you do not have a potential buyer, but feel the only way to get out of the house is through a short sale, we can also negotiate a pre-short-sale price with your current lender. This will allow you to put the house on the market for sale at a set short sale price, and sale the home quickly.
- If you have decided that it is in your best interest to do a Short Sale, you will want to have an expert in this field contact you as soon as possible. Apply for Short Sale
Loan Modification
If the lender will not accept a Short Refinance, a loan modification (loan mod) can often be negotiated. A loan modification involves working with your lender to change your loan terms. An example would be changing a monthly adjustable rate mortgage(option arm) with a rate of 7.5% and a 30 year term into a 40 year fixed rate with an interest rate of 5.5%. Currently loan modifications are more widely accepted by lenders.
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