Short Pay Off

to Beat Foreclosure

Pay off your loan

for less than you owe.
We Can Help.
Short Pay-Off
What is a

Short Pay-Off (Short Pay)

?

A short pay-off is when the mortgage company substantially reduces your debt to allow you to pay off the mortgage loan in full and to keep your home. The short-pay settlement is typically a fraction of the your total mortgage-debt and is usually paid on a cash basis.

How can a

Short Pay-Off

help me?

A short pay-off allows you to own your home for a substantially lower amount than your original loan/purchase price. A short pay may be the solution for you if your loan is in default/pre-foreclosure and you can't re-finance, but you have a savings fund (e.g., 401K) or you can obtain a personal loan to present a cash offer to the mortgage company.

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Case Study

Problem
A retired senior-citizen had refinanced her home to help her children; as it often happens, the children were not able to re-pay the favor and the senior found herself head over heels in mortgage debt.

Solution
Bloomfield Financial was hired to negotiate with the bank to secure a short pay for the senior; she would use her modest savings to pay off the mortgage in full, deter credit damage, and avoid foreclosure.

Results
After 60‐90 days of negotiation, the lender agreed to accept 65% less as full settlement; PLUS, the short pay met the financial guidelines to apply for a Reverse Mortgage

The senior successfully secured a Reverse Mortgage that paid off the debt with money left over for the senior to pocket — so, SHE DIDN'T NEED TO WITHDRAW FROM HER SAVINGS AT ALL!