is short pay and short sale the same thing?

Asked by analisagrayr, La Canada Flintridge, CA Sat Jan 11, 2014

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Alex Meguerd…, Agent, Valencia, CA
Sat Jan 11, 2014
Here is some info that might help you out...… Hope this helps!
4 votes
Cindy Davis, Agent, San Diego, CA
Sat Jan 11, 2014
I believe so yes...different people use different terms. Whenever the sell'er's lender is getting less than what's owed on the property, it is known as a short sale.
1 vote
JR Thrasher, Agent, San Diego, CA
Mon Jan 13, 2014
As far as I know the terms are used interchangeably.

J.R. Thrasher
0 votes
Sara Mehrpou…, Agent, Los Angeles, CA
Sat Jan 11, 2014
Yes Short Pay and Short Sale are the same thing. Basically, the seller is asking their mortgage bank(s) to take less than they owe on the mortgage(s)-- so they will be paid short or the property will be sold short.

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0 votes
Mario Pinedo,…, Agent, Cupertino, CA
Sat Jan 11, 2014
Yes, they are the same terms. Short sales or short pays can have promissory notes for deficiencies or other hooks past the close of escrow. A short sale/short pay is not a defined, established scenario. It is what the bank and home owner agree to while in compliance with governing laws.

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Mario Pinedo, CCIM
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CS Financial
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Office 424-249-7434
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0 votes
, ,
Sat Jan 11, 2014
In the case of a short pay, the lender will still expect the difference to be paid by you at a later date through a payment plan + promissory note
0 votes
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