Short Sales and Short Payoffs in Maryland, Washington D.C. Metro Area, Pennsylvania and New York.

Short Sales & Short Payoffs

For homeowners who qualify, a short sale or short payoff is an alternative to foreclosure. Both options have a lower impact on credit than foreclosure and are easier to recover from. With both options, lenders agree to accept less than what is still owed on the mortgage. Homeowners considering a short sale or short payoff for their home should work with a lawyer, as real estate agents aren’t permitted to offer their clients any type of legal advice.

  • Short Sale: The lender accepts less than what is still owed and generally forgives the homeowner for the remaining balance.
  • Short Payoff: Occurs when homeowners do not sell the property, just settle the debt through a short payoff on a second loan.