Posted on: 10th Mar, 2010 03:01 am
What is a short-pay? Lender offered this as an option since value of my home may have decreased. Lender said this is different than a short-sale or Modification.
Your query has been replied to in the given page:
http://www.mortgagefit.com/problems/short-pay.html
Take a look at it. Hope it helps you.
http://www.mortgagefit.com/problems/short-pay.html
Take a look at it. Hope it helps you.
A SHORT PAY in real estate occurs when the outstanding monetary obligations (loans with recorded deeds of trust and liens) against a property are greater than market value or what amount the property can be sold for.