ShortSave, Inc., announced Tuesday a new application aimed at shortening the time for a one-lien short sale or loan modification transaction. The Colorado-based company expects the ShortSave application to be available later this year.
The average short sale takes 165 days, a time period ShortSave anticipates being able to cut to a paltry 36 days. The application is projected to save a non-performing note investor $1,200-1,800 in lost interest on an average loan.
“This industry needs innovation, not iteration,” said Karl Falk, ShortSave’s co-founder, chairman, and CEO. “To make a pivotal change in this industry a fundamental shift has to happen: The default process has to be digitized.”
The company has already received national attention. Inman Real Estate Connect NY 2014 featured ShortSave, Inc. as a New Kid On the Block, recognizing the firm as one of “8 Startups that are Changing the Real Estate Game.”
The application will use data and decisions criteria—rather than people and paperwork—to approve or disapprove a loss