Helping Homeowners with Debt Relief Solutions
Homeowners
What is the the Short Pay Access Refinance Program?
A Short Refinance (or short pay refinance), also known as a short payoff, is a transaction where the lender agrees to accept less than the full amount owed. Instead of the property being sold, it is refinanced with a new lender. The short refinance allows the homeowner to retain ownership of the property, while at the same time avoiding a foreclosure or possible bankruptcy.
The Short Pay Access Refinance Program can help qualified homeowners to:1) Keep Your Home
If you qualify for the Short Pay Refinance program, you would be able to refinance your home at its current market value and lower your monthly mortgage payments and principal.
The short pay refinance allows the homeowner to retain ownership of the property, while at the same time avoiding the possibility of foreclosure or bankruptcy.
The process involves paying off the current lenders loan at fair market value and then refinancing your home with a new lender at the current market value.
2) Lower Your Principal and Monthly Mortgage Payment
With home values down and loans larger than the home’s value, a great number of homeowners are facing stress due to the loss of their home’s value and their current mortgage situation.
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Short Pay Access is able to help homeowners who are current with their mortgage payments but find themselves in a disadvantageous position because their mortgage is greater than the value of their home.
Short Pay Access offers the best short pay refinance program available today. By using this service a homeowner can effectively get help with lowering their principal and mortgage payments more in line with the current value of their homes.
3) Eliminate Negative Equity
A Short Pay Refinance allows qualified homeowners to eliminate negative equity by helping them negotiate to bring down the balance owed on their home while at the same time getting them qualified for a new loan based on the fair market value of their home.
Most banks are taking big losses these days on foreclosure and short sale properties. The Short Pay Access Program offers a win-win situation for both the bank as well as the homeowner.
It allows the bank to “clean-up” their balance sheet by getting a property completely off the books. Plus it provides the bank with an infusion of “cash” which increases their ability to invest in other opportunities. Banks are in the “Lending” business…not the Real Estate business.
What is the Short Pay Refinance Process?
All applications are meticulously evaluated to ensure that homeowners are qualified for our program. Time is of the essence, so we move as swiftly as possible to process all transactions and provide a quality product for you. The processing timeline begins once the Signed Consulting Agreement has been received via fax which can be downloaded from the 'Getting Started' page on this website.
Application Flowchart Timeline
Step 1 (First 72 Hours)
- The application package is reviewd for completeness
- Contact is made with the homeowner to acknowledge receipt
- File will not move to Step 2 until we have a complete package
Step 2 Once We Have A Complete Package
- File is submitted to processing for DU/Pre-Approval
- AVM & HUD1 is ordered
- Homeowner will be contacted to let them know it will be a few weeks until the next update (3-4 Weeks)
Step 3 Current Loan Negotiation
- File will be turned over to the negotiation team
- Applicant will be contacted with the approval/offer
Step 4 Refinance of New Loan Amount (Expect 30 Days)
- Updated Docs requested from borrower
- Disclosures sent to borrower
- Finish out the refinance process
Contact us:
To find out if you qualify for a Short Pay Refinance program, please contact us. Complete and submit the 'Apply for Short Pay Refinance' form on this page and one of our specialists will contact you.
If you already have all your documents ready to submit, then go the 'Getting Started' page on this website and follow the steps to submit the required paperwork to Short Pay Access.