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Short Pay-Off

Application Submission

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The entire process to secure a short pay-off is done in three steps:

Step 1. The  SPO income and credit screening by a licensed mortgage company:

Information is collected online and sent to one of our mortgage lending partners for mortgage approval.  This company located in your home state will process your refinancing from start to finish. P2CFG does not originate mortgages.
 

Step 2. The  SPO negotiation Agreement:

Once a client has been preapproved in step 1, P2CFG prepares the SPO negotiation Agreement to be executed by both parties. It is supported by documentation. The cost of the application ranges from $100 to $600, and is non-refundable.

Step 3. The SPO negotiation and the refinance:

P2CFG will negotiate with the client's lender(s) in order to secure a short pay-off. The mortgage originating partner will finalize the mortgage approval process using the short pay-off negotiated by P2CFG.

It successful, the client will pay P2 capital Funding Group a fee set at 3% to 4% of the negotiated short pay-off. This fee is only collected if  the following two milestones are reached:

A) Our client's lender(s) has/have approved the short pay-off

B) Our mortgage originating partners have a clear-to-close mortgage approval giving our client a 30-year fixed FHA insured mortgage at the agreed to loan amount and interest rate.

Settlement Procedure:

The short pay-off negotiation fee is to be paid by our client using his own funds in the following manner:

1) 100% of the contractual fee is paid into an escrow account held by the company's attorney when conditions A and B are met. This payment is required before setting a closing date. No closing will be scheduled until this payment is received. This payment is non-refundable if our client refuses to close. It is refundable in full, if P2CFG or its originanting partners cause the refinancing not close and fund.

2) The fee will be released to P2CFG upon presentation of proof of funding by the escrow/title company to P2CFG's attorney. 

Important Reminders:

1. Our client must continue to pay his mortgage, and other bills until the new refinance is funded.

2. Our client will keep the credit ratings that allowed him to pass the screening step by not creating additional debt, not meeting his other obligations, and by maintaining a level of income sufficient to be approved for a new mortgage. 

3. Our client will pay for the appraisal.

 REQUIRED DOCUMENTS