Special offer

Short Payoff is an alternative to a Short Sale in Ashland, Medford area

By
Real Estate Agent with RE/MAX Platinum Medford 941000194

Do you know anyone who would like to  qualify for a "short payoff"?   Basically , a short payoff is like if the owners of a home owe $300k, but now the house is worth $200k, instead of doing a short sale, the mortgage would be reduced to current value and the owners could stay in their home.

If you have anyone who you think might qualify for this in the Medford, Ashland, Jackson County area of Oregon, please contact me. 

Below are the basics of the program description, which is what was approved by Treasury.  The simple guidelines for program eligilibility are:

 Current maximum income of 120 percent of Oregon's state median

  • Current first mortgage of $499k or below
  • There must be a demonstrated financial hardship
  • The home must be owner occupied
  • The borrower, in connection with a mortgage or real estate transaction, cannot have been convicted, within the last 10 years, of any one of the following: (A) felony larceny, theft, fraud or forgery, (B) money laundering or (C) tax evasio
  • The home is in danger of foreclosure with substantial negative equity
  • A demonstrated ability to meet standard payment ratios at the home's current appraised value
  • A commitment by the homeowner to keep their home

Contact me for more information.

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