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Short Payoffs in Massapequa

Helping You Save Your Property from Foreclosure

If you are trying to save your property from foreclosure, there are other options available to you, such as a short payoff. At James J. Quail & Associates, P.C. in Massapequa, we can help. Our team understands how overwhelming this situation may be for you and will advise you on the best course of action for your situation.

Reach out to our law office today at (516) 246-2449 to request an initial case review with our experienced attorney to learn more about foreclosure law and mitigation options.

What is a Short Payoff?

There are generally four traditional loss mitigation options to foreclosure. These generally include a loan modification, selling the property in a short sale, giving a deed in lieu of the foreclosure action, and providing a consent to the bank to foreclosure upon you.

There is another option other than a loan modification that will allow a borrower to stay in the property, which is a short payoff. Lenders and their servicers do not advertise that they would accept a certain amount to satisfy the loan without a sale.

Many borrowers would like to continue residing in their property but either do not qualify for a loan modification or its not offered by the lender.

As a result, a short payoff is a more attractive alternative to these traditional options. Alternatively, a short sale is when the borrower is selling the property to an unrelated party and asking the bank to discount the note in order to do so. In that event, the borrower is not allowed to receive anything more than a stipend to relocate.

Although it may be challenging for a homeowner to finance a short sale, especially if they are suffering from poor credit, but a non-owner spouse, relative, friend or hard money lender can make payment on the short payoff. Thereafter, the property may be refinanced after the borrower’s credit is repaired. This allows a homeowner stay in their home and obtain equity almost overnight.

Our legal team can help you negotiate a short payoff and inform you of other options available to you, so you can make the best choice moving forward.

Set Up a Case Review with Our Experienced Attorney in Massapequa Today!

Your property does not have to go through foreclosure. Contact James J. Quail & Associates, P.C. in Massapequa to discuss your foreclosure defense options.

Reach out to our law office today at (516) 246-2449 to request a case review and get started.

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