The NXT wave of innovation - Short pay Refi's

Real Estate Agent with HomeSmart Elite

Press release - Scottsdale, Arizona (PRWEB) September 1, 2009 -- In a severe climate of economic uncertainty, tightened lending practices and a battered real estate market arrives a groundbreaking strategy to provide relief for homeowners across the nation.

"Its not working, speaking of the banks efforts to modify borrowers loans.  Lenders have been slow to react and more and more homeowners are looking down the street for the next shoe to drop," says Mark Tait, a nationally recognized real estate strategist.  "Also tell me where is the help for majority of Americans who are still paying their mortgages on time, yet under water?"

Well the answer seems to be Short refinancing, though Tait's affiliation with M3 Strategy they navigate the entire process, negotiating with the lender to accept a short payoff that corresponds with the current market value of the property. "For those in good standing with their mortgages, a short refinance is an excellent solution that can help reverse negative equity and lower mortgage payments."


The short refi actually is not new. Its been around for years, however M3 Strategy has taken it several steps beyond with financial modeling and forensic auditing.  "At the end of the day, TARP and FDIC funds available for lenders to tap until June of 2010, makes this strategy work hands down better than loan mods. If the lender forgives, they can get whole through TARP.  Really loan mods are just slightly better loans than the ones they replaced, why?  Loan mods for the most part just reduce payments, but few have included cram downs on the mortgage amounts, so homeowners are still in toxic loans and the lender is too."

What is really makes this plan work is that the homeowner can remain in their home and when its all said and done, they end up with an equity position in their formally upside down home.

Tait and his business partner Leslie Gordon are busy signing on affiliates who can add this to their business plan and reach out to their client based and offer new hope with this program. "This works great for the real estate agent, loan officer and even insurance agents, its a strong program that will endure them to their clients by just simply reaching out and letting them know there is help."



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Brian Brumpton
Keller Williams Boise - Boise, ID
Boise Idaho Real Estate

How does it speed up the process?  Don't you still have to get the bank to sign off on a short payoff?  Is there a way around loss mitigation with such a program?

Nov 03, 2009 10:04 AM #1
Mark Tait
HomeSmart Elite - Scottsdale, AZ

It is about a 90 day process. 

We take it many steps beyond with an appraisal etc. Of course the bank has to agree, but we already have a new loan in place before we approach them. 

Our clients remember have been making their payments, they can get a new loan. We use an attorney on all files, we don't talk to the first person who answers the phone.

Loss mitigation departments very at every lender and almost every week they have new policies seemly daily, so yes we deal with the full Monti, but they have never seen a more comprehensive package and it becomes plain to see our solution is good for them and the borrower.

Nov 03, 2009 10:19 AM #2
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