How to Get a Short Payoff
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Homeowners interested in a short payoff should contact their lenders for their guidelines and to request a short payoff package.
A typical package calls for the seller to submit:
--A letter explaining their circumstances.
--The sales contract.
--An estimated settlement showing how the money will be dispersed.
--Bank statements, financial statements, tax returns and pay stubs.
It can take anywhere from a few weeks or a few months to learn if an offer is accepted. Lenders order appraisals, broker price opinions, credit reports and in some cases asset searches.
And although the short payoff will satisfy the first mortgage, it may not cover other debts against the property.
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