Dear Agent,
With the current state of the economy, the unemployment rate and the real estate market, many homeowners, particularly in California, Nevada, Arizona, and the state of Florida are finding it difficult to keep up on their mortgage payments. In many cases the amount is more than the current value of the property.
By educating yourself on what a "short pay refinance" is, you can add value and help your clients stay in their homes and avoid foreclosure. Mortgage professionals who are experts in "short pay refinancing" will add to their revenue stream by creating refinance opportunities that would otherwise not exist. "Short Pay Refinancing" helps your client out of their current loan which requires a new loan in its place at the current market value. Your clients will essentially be "re-purchasing" their homes at today's current market value.
What is a Short Pay Refinance? 
There is a new buzz word being used quite often in today’s real estate market. That term is “short pay”. You may or may not have heard about this new mortgage relief strategy. It is a new concept where you negotiate with your current lender to except less than the full amount for the pay off of the existing loan. It is so exciting! Recently, a couple’s loan was reduced from $700K with a $5,500 payment down to 320K with a $1,719 payment, a savings of $380K! This is an amazing concept. Basically you get to buy your home again at the current market value.
Unlike a Loan Modification, where you are simply modifying your existing mortgage to more favorable terms, due to some form of "financial hardship", A Short-Pay Refinance is qualifying for a new FHA 30yr Fixed Loan or “New Money” as we say in the mortgage business, and paying off your existing lender for 90 to 97% of "Fair Market Value" of the home. Sure, loan modification has been a blessing for thousands of homeowners to alleviate tremendous stress from their lives, still at the end of the day, many homeowners are negative in equity by hundreds of thousands of dollars and simply would rather walk away from the depreciating investment they call home.
A mortgage relief strategy for real estate professionals and homeowners looking to avoid foreclosure and stay in their homes. A "do it yourself" guide to negotiating a short pay refinance with your lender. How to get your loan reviewed as a priority along with the necessary forms.
Many mortgage professionals find themselves without the opportunity to create income by refinancing clients into loans with better terms due to the declining market. Mortgage professionals can now create refinance opportunities by doing short pay refinances. It is a win/win for both the mortgage professional and the homeowner.
We have put the secrets to the process of how to obtain your own loan along with the banks who have funded the new loans into this easy to follow step by step "downloadable" e-guide which includes the following:
- What lenders and mortgage servicing companies DON'T WANT YOU TO KNOW about negotiating Short Pay Refinances
- Negotiation tactics that professionals use
- establish if you qualify for a Short Pay Refinance
- How to get your short pay refinance application reviewed as a PRIORITY
- Includes the documents required by many lenders when applying for a short pay refinance
- The Bank who have funded these new loans