Dallas, TX (PRWEB) December 29, 2008
Now that we are several years into the housing crisis, with no end in sight, bankers and real estate professionals have begun to get creative. Gone are the days when struggling homeowners had no other option than to enter foreclosure, lose their home and damage their credit. In today's economic climate, lenders are realizing that it makes more sense to work with the homeowner to keep them in their home, rather then wind up with a property that loses value and doesn't sell.
One of the new services that lenders have created to cope with this problem is called short refinancing. Short refinancing is a new way for homeowners to rework their home loan, stay current with their payments, and avoid foreclosure. In a short refinance, the original lender agrees to take a payoff which is less then the original amount of the loan. Once this happens, the homeowner can find a second round of financing for the remaining amount of the home's value. With short refinancing, everyone wins. The homeowner stays in their home, and the bank is able to avoid incurring a slew of fees, and no longer has to attempt to sell a devalued home in an unstable market.
The problem with short refinancing, however, is that few know what it is and even fewer know how to handle one correctly. Banks are only now starting to wake up to the realities of the current housing market, and have been slow to move on this new solution.
Enter Joel Broyles, founder of WayForward Realty (http://www.wayforwardmortgage.com). His goal is to help homeowners and lenders negotiate short refinance transactions so that more homeowners can keep their homes. Mr. Broyles has over 6 years of experience helping homeowners avoid foreclosure, and is committed to educating professionals and homeowners alike about the ins and outs of short refinancing.
"Short refinancing is still in its embryonic phase of development," said Broyles, "but we believe it will take off as a major tool in the fight to turn America's housing market around - we're here for the homeowners."
Economists are not optimistic for the future of the housing market, especially in states like Florida and California where the crisis has hit the hardest. Until these taxing times subside, short refinancing businesses like WayForward Realty will have to assist homeowners struggling to stay ahead of an ever-burdensome economy.
About WayForward Realty:
For the past six years, the professionals at WayForward Realty have pioneered the short payoff and loan modification processes as an advocate for stressed homeowners. Since 2003, WayForward has arranged over 400 short payoff transactions and countless loan modifications saving hundreds of families from foreclosure and possible bankruptcy. Recognized by industry insiders as one of the leading short payoff and loan modification negotiators in the country, WayForward is uniquely positioned to help mortgage professionals and borrowers negotiate loss mitigation solutions for their existing mortgages.