Short payoffs occur when a homeowner wants to keep their home and settle with a second loan. Our attorneys get the homeowners a short payoff for the second loan, which allows them to remain in the home, as it is affordable for the homeowners with just the first loan.
Good candidates for short payoff:
Have great credit scores
Are financially able to pay what remains after the short payoff to the lender
Are up-to-date on all mortgage payments
Attorneys at the Law Offices of Jill Michaels help you determine if a short payoff is right for you and assist you throughout the process.
If you aren’t a candidate for a short sale or short payoff, you may consider a deed in lieu of foreclosure, during which you transfer ownership of your home to your mortgage company. This process typically relieves you of liability of your loan.