ShortSave, Inc. [1], 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 [2]."
The application will use data and decisions criteria—rather than people and paperwork—to approve or disapprove a loss mitigation or loan reallocation decision.