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If you or your clients are in the process of losing a home because they are delinquent on the mortgage or upside down in the property then you have options. Now, the loan modification or short sale are not the only options available to you. Now the little known short payoff option (not a short sale) is becoming a much more effective method of resolving the foreclosure issue.
With the steady rise in non-performing notes, banks are more willing than ever to negotiate a cash pay off or (short payoff) with investors that will immediately eliminate these non performing notes from their books. While a short sale can be a long and tedious process and loan modifications rarely reduce principal balances which gives homeowners REAL options, the short payoff (NOT a short sale) is a great way to help homeowners save their homes and get back on their feet.
The advantages of the short payoff (not a short sale) option over the loan modification and short sale is that it allows borrower to stay in their homes, reduce their payments and significantly reduce their principal balance resulting in an equity position that gives homeowners strong financial footing.
Countless loan modifications are denied everyday because homeowners have too much income to qualify which leaves many homeowners in very financially stressful situations as they cannot refinance to a lower interest rate because they owe more than the property is worth. The short payoff (not a short sale) resolves this problem by reducing the homeowners balance and giving them the option to refinance or sell the property at a profit.
So if you are considering a loan modification to save your home or a short sale to escape from a bad mortgage then you may want to look at the short payoff as a more effective long term strategy of saving your home, creating equity and utilizing the best option available to you if you are facing foreclosure.
investors acting like banks... risky... I wouldnt want an overpriced property even if I was getting 12% on the note
Johnf85 5 months ago
Visit this website page to stop foreclosure immediately! (icansuemylender . com) the reason the website name is separated youtube wont let you post websites as comments. It Saved MINE HOME!!
ANYSIA000 9 months ago
12% loan! Yikes! Has this changed since a year ago?
raybonent 1 year ago
@middlebrookman - I would like more info please. Are you saying to do a forensic search to find out if the loan was fraudulent?
fajfred 1 year ago
Not only do you reduce your payment, you get f;;;ed with a 12% loan on a house you tendered full payment though the "note" the first time. This is crap, the bank has sold the note! Ask them to prove they are the "holder in due course! " Have them produce the "original" NOTE NOT A COPY they can't do it! Win in court! The Note is the same as a check! it payed for your house and you didn't know it!
Learn what they did! do some research the internet is a great tool!
middlebrookman 1 year ago
need help?
TheMortgageDoctors 2 years ago
You seem very knowledgeable and short payoffs have been around for a very long time. I first learn about them 4 years ago. Great video.
GetSmartyall 2 years ago