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Arizona Homeowners – How a Short Sale Can Set You Free if You Are Drowning in Your Mortgage

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Home Page > Home and Family > Arizona Homeowners – How a Short Sale Can Set You Free if You Are Drowning in Your Mortgage

Arizona Homeowners – How a Short Sale Can Set You Free if You Are Drowning in Your Mortgage

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Posted: Apr 28, 2010 |Comments: 0
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Whether you live in Phoenix, Scottsdale, Mesa or Glendale, you may find that you just cannot afford your mortgage any longer.  In fact, you may owe more on your home than what it is worth, and it seems you are getting farther and farther behind.  A short sale is a viable option for those who see no way out of their dilemma, and fear they are facing foreclosure.  An experienced Arizona realtor can help you understand the process, and also assist you in all negotiations should you decide the short sale route is right for you.

Are you already months behind in your mortgage payments?  Foreclosure may be just a few weeks away, and is something you really want to avoid.  While you may hear bad things about a short sale, most of that is due to the fact that it can be a lengthy process – but if you have a reputable real estate agent, it can be much simpler and accomplished in far less time.

One thing many people find attractive about the short sale is that they can honestly tell friends and family they sold their home and avoid embarrassment often associated with foreclosure.  You can also avoid having your credit completely destroyed, which can be devastating for some people.  When your credit is demolished, you are looking at about 7 years of not being able to purchase anything on credit – even another home.

A short sale will affect your credit rating somewhat, but not like foreclosure does.  You will likely be able to purchase another home in two years or less.  Why do you need an Arizona realtor if you decide to go this route?  They will help you negotiate with your lender, and also help you find a buyer for your home.  Your lender must approve the offer of the buyer; a good agent can make sure that the price the buyer is offering is in the ball park, so that you do not waste time.

As long as you can prove good reason for why you can no longer pay your mortgage and your lender agrees, a short sale may be just the solution to your problem.  Lenders would rather have some money on your home, because they are not in the business of owning vacant properties.  If you live in Phoenix, Scottsdale, Glendale, Mesa or surrounding areas and need to consult with a professional, contact an experienced, Certified Arizona short sale realtor today.

Maureen Karpinski

Find your Phoenix Arizona Property at Cactus Country Arizona Homes & Properties

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About the Author:

Maureen has been in the real estate industry for 36 years as an agent and broker/owner of her own company. She prides herself in successful negotiation for both buyer and sellers and in building successful portfolios for investors. She is proud of her Agent friendly office environment that is her own creation and the caliber of real estate agents she has working for her

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I was denied a Hamp mod due to NPV caculations. My lender will not explain these terms to me. They said they cannot help me. I need to short sale and get out. Can u please help me
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Do you owe more than what your home is worth? Are you behind on payments and feel that you can’t afford your home anymore? Do you think that you wouldn’t be able to pay a Realtor to sell your home due to not having enough equity? These are all symptoms of being “upside down” in your home. In simple terms, your loan amount is higher than the current market value of your home. You may want to consider negotiating an Arizona short sale.

So what can be done with a situation like this in Phoenix or Arizona? A short sale might be the best solution for your needs. Many people have never heard of the term “Arizona short sale” or “Phoenix short sale”. A short sale in Arizona is when your mortgage company agrees to take a less amount owed on your home in an effort to sell the home before having to foreclose.

Most people who are “upside down” or owe more than their home is worth are left with only 2 options when they can’t afford the payment anymore. The first is foreclosure; obviously no one wants a foreclosure. Believe it or not, that bank doesn’t either. The repercussions of a foreclosure for both the homeowner and bank can be devastating. The homeowner loses a home and destroys his credit. The bank loses thousands in court costs and foreclosure expenses.

The second option is working an Arizona short sale. The advantages of doing an Arizona short sale or Phoenix short sale is coming up with a win-win solution for all parties. For example, when homeowners complete a short sale in Arizona, they have effectively stopped a foreclosure from taking place. And they have significantly lessened the damage to their credit. As far as the bank is concerned, an Arizona short sale has prevented them from repossessing a home. Repossessing a home or foreclosing on a home can cost banks tens of thousands of dollars.

Furthermore, banks are in the business of lending money, not owning homes.

So how does a homeowner qualify for doing an Arizona short sale or Phoenix short sale? This answer will vary greatly depending on the mortgage company at hand. Every bank has different policies and guidelines when negotiating Arizona short sales and Phoenix short sales. For example, some banks will require the homeowner to be 3 months behind before they will even consider allowing an Arizona short sale. Yet, other banks will allow Phoenix short sales even if the homeowner is current with mortgage payments.

Generally speaking, to do an Arizona short sale, banks will require the proof of financial hardship. This can include loss of job, divorce, overwhelming medical bills, and other various financial stressors. Furthermore, the bank will require that the home be listed with a licensed real estate agent. This is usually done to verify the value of the home. Homeowners are typically not allowed to try and negotiate and/or sell the homes themselves when doing an Arizona short sale or Phoenix short sale. In conclusion, if you feel that you can no longer afford your home, and you owe more than what it’s worth, consult with a licensed real estate agent or attorney regarding an AZ short sale.