June 8th, 2008
Foreclosure Containment Looks Promising With Introduction Of Short Pay Loans
With this introduction of “short pay” loans, many might say why has this not been around before? Well it kind of has been implemented, however not through standardized loan programs. Many realtors in this down market have established themselves profitable niches by becoming short sale realtors. With this value added service they negotiate with the banks to come up with a low enough payoff, so the home owner gets to sell his home, and the buyer of the home, will possibly move into an equity position. For the distressed homeowner, this could result in a foreclosure on their credit report, however the buyer is the one who can profit.