A+ has been approached by many investors to do short payoff or short refi's. The lenders are not looking at these options unless all other avenues have been exhausted such as loan modification. We have also nailed down our 30 - 45 days to close process with all our requirements in place.
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Maxus Realty Group of Samson Properties - Clarksburg, MD
301-246-0001 Serving Maryland, DC and Northern VA
Not really sure what are you referring too as a short payoff. .. loan modification or a short sale?
Jul 20, 2009 11:36 PM
A+ Title Closer - Aventura, FL
Fernando thank you for your comment. I'll address the last point first a short sale is the term used or being referred to as a point when a home owner is underwater, mortgage is too high for various reason's market, arms, sickness, loss of job etc. The Home owner doesn't want to or isn't able to keep the property and opts to sell. They contact a Real estate professional who lists the property and finds a buyer who will pay less for the property than the existing mortgage/s and negotiator comes in and negotiates a lower price with the bank and ensures all necessary paperwork is in place for a successful transaction.
Some individuals or entities opt to keep their property/ asset. They are still underwater for the reasons stated before but giving up ownership is their last resort. A loan modification is the next option they either do this on their own, through a mortgage professional, attorney. professional negotiating company or a combination of afore mentioned. Their existing lender/s are contacted and work towards having the existing mortgage modified/ reduced to affordable payments for the owner.
A short payoff is when a new mortgage company/ investor through a professional negotiating company satisfies the existing mortgage and becomes the new mortgagee or mortgage holder. Some lenders are open to this option to cut their losses per se and to accept a short fall against the existing loan.
If you have any other questions please don't hesitate to contact us
Warm regards
Heidi and
Your A+ Closing Team at A Plus Closers, LLC
3530 Magellan Cir. Suite 615 Aventura FL 33180
Tel: 305-935-9114 eFax: 305-390-8766
visit us on the web at: www.aplusclosers.com
PROFESSIONALS GOING THE EXTRA MILE TO PROTECT THE BOTTOM LINE Short Sale processing – for real estate agents/ brokers, attorneys & investors Independent Escrow & Settlement Agents Courtesy Closers Virtual Assistants Property Investor – Proforma & Due Diligence Loss Mitigation
Jul 21, 2009 12:46 AM
Broadpoint Properties - Escondido, CA
Broker, Escondido Real Estate, San Diego County
I have not been successful with the short refis. The banks, as you say, do not seem to want to touch them in most cases.
Jul 22, 2009 03:21 PM
A+ Title Closer - Aventura, FL
We've had some success with the short refi depends on the lender etc. but there seems to be more incentives for the lenders in the short sale scenario. They have more write offs. We are doing 80% more successful short sales than short refi's.
Jul 31, 2009 03:29 PM
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