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HURRY! ACT NOW!

Mortgage Forgiveness Debt Relief Act Expires in 2013

0 Days, 0 Hours, 0 Minutes, and 0 Seconds

 

TIME IS RUNNING OUT FOR HOMEOWNERS TO SHORT SALE THEIR HOME AND AVOID TAXES!

Once expired you will need to pay taxes on forgiven debt.
 
 For example if you owe $250,000 on your loan and your lender agrees to a $200,000 sales price, the $50,000 that is being forgiven would need to be counted as income on your tax return.
 
 YOU WOULD THEN BE PAYING TAXES ON $50,000!

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Avoid Foreclosure, Save Your Credit and Make a Fresh Start With a Short Sale

 

Millions of homeowners qualify for a short sale due to financial hardship or loss of value.

 

A short sale can help you avoid losing your home, having to file for bankruptcy or destroying your credit for many years.

 

Is a SHORT SALE right for you?

If you answer yes to any of these questions, please contact us now!

 

Avoid foreclosure and get out of your upside down mortgage!

 

A few of the banks we've worked with:

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ABOUT US
 

About Us > Who We Are

 

Who We Are

 

The agents on MyArizonaShortSale saw a problem in the real estate market – too many homeowners were delinquent on their mortgages while in financial distress with their homes, and there appeared to be no solutions or end to the problem. The solution was developing the MyArizonaShortSale team at Momentum Brokers. Momentum Brokers has developed a team of the top short sale agents, along with a staff of short sale negotiators, and together they have created a solution to that problem. When you work with Momentum Brokers and the MyArizonaShortSale team, you are working with an entire team that is dedicated to helping you with all of your real estate needs. We have successfully closed over 400 short sales and have the expertise and knowledge necessary to assist our clients in always choosing the best possible options.

 

With over 50 years of experience in Arizona real estate, we can ensure that we are able to assist you through all aspects of your transaction. Our team has experience in nearly every area of real estate – short sales, bank owned homes, residential, commercial, leasing, land, new home sales, condominium conversions, multiple units, investment property, etc. We know laws, loopholes, deficiency information, mortgage laws, investor requirements, and other important facts that can help you avoid foreclosure, reduce the impact to your credit and potentially save you thousands of dollars! Momentum Brokers and the MyArizonaShortSale team understand every integral part of the short sale process – from initial pricing to successfully closing your short sale. We understand that a short sale can be confusing, If you have questions or concerns about the short sale process, we would love the opportunity to assist you.


 

 

About Us > What We Do

 

What We Do

 

The MyArizonaShortSale team handles every detail of the short sale transaction – from securing a buyer to negotiating with your lender to facilitating the closing. By utilizing the assistance of a professional short sale negotiator and a real estate agent who is an expert at pricing, marketing, and closing your short sale we are able to successfully complete your sale quickly and with minimal impact to your credit or financial situation.

 

We have several options available for homeowners. Please contact us today to discuss.


 

 

About Us > Testimonials

 

Testimonials

 

We have assisted hundreds of homeowners and Realtors with successfully completing short sales. Please read what others have had to say about our service and then contact us to see for yourself!


 
 "Thank you thank you thank you! Dustin you have been SO great to work with! We were so worried about doing a short sale because of the bad things we kept hearing about them. You guys made us feel so comfortable and helped us understand the process completely. I was amazed when you had our approval in 2 weeks! Thank you for taking ALL my calls and responding to my e-mails. I’m so happy to put this behind us! It ended up being so much easier than I could’ve ever imagined. We’ll be sending all our friends your way! You guys are the BEST. I can’t thank you enough."

Dane E., Seller

 

"Thanks for all Your hard work helping me out & making a dream come true for the buyers. This was so much easier than I thought it would be. You guys are amazing!"

Chad P., Seller

 

"Your communication throughout this process has been incredible. It is absolutely unheard of in this market and I was very impressed. I will use you on my short sales again and again."

Eric W., Seller’s Realtor

 

"I just want to say Thank You! I TRULY appreciate you keeping us updated. You are the first person I have done a short sale with that actually did this – even though many say they will! You have really made my job easier!"

Vincent P., Buyer’s Realtor

 

"Thank you so much for answering all my questions on the phone today. I was very impressed with how much you know and I’m sure my brother’s short sale is in good hands with your team. You are definitely the most knowledgeable person I’ve spoken with regarding short sales and I’m going to use some of your tips here in Texas. Thank you for going above and beyond for us today. We really appreciate it!"

Matthew B., Seller’s Realtor

 

"I still don’t know how you do it! You are like short sale magic! A BPO $16,000 above the previous one and about $30,000 above market value AND a 2nd that wouldn’t budge? :) I just got the call from title that we recorded somehow though! I still owe you lunch! Thanks for all your hard work on this deal. My buyers are so happy."

Thomas P., Buyer’s Realtor


 

 

 

 

SHORT SALE INFO
 

Short Sale Info > Tax Info

 

Short Sales & Taxes

 

The information below was provided by IRS.gov regarding the Mortgage Debt Relief Act of 2007. As always, please consult your tax preparer or accountant regarding the Mortgage Debt Relief Act and how it may apply to you and your financial situation. If you have specific regarding the information below you can contact the IRS at 1-800-829-1040.

 

The Mortgage Debt Relief Act of 2007 generally allows taxpayers to exclude income from the discharge of debt on their principal residence. Debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with a foreclosure, qualifies for the relief. This provision applies to debt forgiven in calendar years 2007 through 2012. Up to $2 million of forgiven debt is eligible for this exclusion ($1 million if married filing separately). The exclusion does not apply if the discharge is due to services performed for the lender or any other reason not directly related to a decline in the home’s value or the taxpayer’s financial condition.

 

The following are the most commonly asked questions and answers about The Mortgage Forgiveness Debt Relief Act and debt cancellation:


WHAT IS CANCELLATION OF DEBT?

If you borrow money from a commercial lender and the lender later cancels or forgives the debt, you may have to include the cancelled amount in income for tax purposes, depending on the circumstances. When you borrowed the money you were not required to include the loan proceeds in income because you had an obligation to repay the lender. When that obligation is subsequently forgiven, the amount you received as loan proceeds is normally reportable as income because you no longer have an obligation to repay the lender. The lender is usually required to report the amount of the canceled debt to you and the IRS on a Form 1099-C, Cancellation of Debt.
 
 Here’s a very simplified example. You borrow $10,000 and default on the loan after paying back $2,000. If the lender is unable to collect the remaining debt from you, there is a cancellation of debt of $8,000, which generally is taxable income to you.

 

 

IS CANCELLATION OF DEBT INCOME ALWAYS TAXABLE?

Not always. There are some exceptions. The most common situations when cancellation of debt income is not taxable involve:
 
 Qualified principal residence indebtedness: This is the exception created by the Mortgage Debt Relief Act of 2007 and applies to most homeowners.
 
 Bankruptcy: Debts discharged through bankruptcy are not considered taxable income.
 
 Insolvency: If you are insolvent when the debt is cancelled, some or all of the cancelled debt may not be taxable to you. You are insolvent when your total debts are more than the fair market value of your total assets.
 
 Certain farm debts: If you incurred the debt directly in operation of a farm, more than half your income from the prior three years was from farming, and the loan was owed to a person or agency regularly engaged in lending, your cancelled debt is generally not considered taxable income.
 
 Non-recourse loans: A non-recourse loan is a loan for which the lender’s only remedy in case of default is to repossess the property being financed or used as collateral. That is, the lender cannot pursue you personally in case of default. Forgiveness of a non-recourse loan resulting from a foreclosure does not result in cancellation of debt income. However, it may result in other tax consequences.

 

 

WHAT IS THE MORTGAGE FORGIVENESS DEBT RELIEF ACT OF 2007?

The Mortgage Forgiveness Debt Relief Act of 2007 was enacted on December 20, 2007 (see News Release IR-2008-17). Generally, the Act allows exclusion of income realized as a result of modification of the terms of the mortgage, or foreclosure on your principal residence.

 

 

WHAT DOES EXCLUSION OF INCOME MEAN?

Normally, debt that is forgiven or cancelled by a lender must be included as income on your tax return and is taxable. But the Mortgage Forgiveness Debt Relief Act allows you to exclude certain cancelled debt on your principal residence from income. Debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with a foreclosure, qualifies for the relief.

 

 

DOES THE MORTGAGE FORGIVENESS DEBT RELIEF ACT APPLY TO ALL FORGIVEN OR CANCELLED DEBTS?

No. The Act applies only to forgiven or cancelled debt used to buy, build or substantially improve your principal residence, or to refinance debt incurred for those purposes. In addition, the debt must be secured by the home. This is known as qualified principal residence indebtedness. The maximum amount you can treat as qualified principal residence indebtedness is $2 million or $1 million if married filing separately.

 

 

DOES THE MORTGAGE FORGIVENESS DEBT RELIEF ACT APPLY TO DEBT INCURRED TO REFINANCE A HOME?

Debt used to refinance your home qualifies for this exclusion, but only to the extent that the principal balance of the old mortgage, immediately before the refinancing, would have qualified. For more information, including an example, see Publication 4681.

 

 

HOW LONG IS THIS SPECIAL RELIEF IN EFFECT?

It applies to qualified principal residence indebtedness forgiven in calendar years 2007 through 2012.

 

 

IS THERE A LIMIT ON THE AMOUNT OF FORGIVEN QUALIFIED PRINCIPAL RESIDENCE INDEBTEDNESS THAT CAN BE EXCLUDED FROM INCOME?

The maximum amount you can treat as qualified principal residence indebtedness is $2 million ($1 million if married filing separately for the tax year), at the time the loan was forgiven. If the balance was greater, see the instructions to Form 982 and the detailed example in Publication 4681.

 

 

IF THE FORGIVEN DEBT IS EXCLUDED FROM INCOME, DO I HAVE TO REPORT IT ON MY TAX RETURN?

Yes. The amount of debt forgiven must be reported on Form 982 and this form must be attached to your tax return.

 

 

HOW DO I KNOW OR FIND OUT HOW MUCH DEBT WAS FORGIVEN?

Your lender should send a Form 1099-C, Cancellation of Debt, by February 2, 2009. The amount of debt forgiven or cancelled will be shown in box 2. If this debt is all qualified principal residence indebtedness, the amount shown in box 2 will generally be the amount that you enter on lines 2 and 10b, if applicable, on Form 982.

 

 

CAN I EXCLUDE DEBT FORGIVEN ON MY SECOND HOME, CREDIT CARD OR CAR LOANS?

Not under this provision. Only cancelled debt used to buy, build or improve your principal residence or refinance debt incurred for those purposes qualifies for this exclusion. See Publication 4681 for further details.

 

 

IF PART OF THE FORGIVEN DEBT DOESN’T QUALIFY FOR EXCLUSION FROM INCOME UNDER THIS PROVISION, IS IT POSSIBLE THAT IT MAY QUALIFY FOR EXCLUSION UNDER A DIFFERENT PROVISION?

Yes. The forgiven debt may qualify under the insolvency exclusion. Normally, you are not required to include forgiven debts in income to the extent that you are insolvent. You are insolvent when your total liabilities exceed your total assets. The forgiven debt may also qualify for exclusion if the debt was discharged in a Title 11 bankruptcy proceeding or if the debt is qualified farm indebtedness or qualified real property business indebtedness. If you believe you qualify for any of these exceptions, see the instructions for Form 982. Publication 4681 discusses each of these exceptions and includes examples.

 

 

I LOST MONEY ON THE FORECLOSURE OF MY HOME. CAN I CLAIM A LOSS ON MY TAX RETURN?

No. Losses from the sale or foreclosure of personal property are not deductible.

 

 

IF I SOLD MY HOME AT A LOSS AND THE REMAINING LOAN IS FORGIVEN, DOES THIS CONSTITUTE A CANCELLATION OF DEBT?

Yes. To the extent that a loan from a lender is not fully satisfied and a lender cancels the unsatisfied debt, you have cancellation of indebtedness income. If the amount forgiven or canceled is $600 or more, the lender must generally issue Form 1099-C, Cancellation of Debt, showing the amount of debt canceled. However, you may be able to exclude part or all of this income if the debt was qualified principal residence indebtedness, you were insolvent immediately before the discharge, or if the debt was canceled in a title 11 bankruptcy case. An exclusion is also available for the cancellation of certain nonbusiness debts of a qualified individual as a result of a disaster in a Midwestern disaster area. See Form 982 for details.

 

 

WILL I RECEIVE NOTIFICATION OF CANCELLATION OF DEBT FROM MY LENDER?

Yes. Lenders are required to send Form 1099-C, Cancellation of Debt, when they cancel any debt of $600 or more. The amount cancelled will be in box 2 of the form.

 

 

HOW DO I KNOW IF I WAS INSOLVENT?

You are insolvent when your total debts exceed the total fair market value of all of your assets. Assets include everything you own, e.g., your car, house, condominium, furniture, life insurance policies, stocks, other investments, or your pension and other retirement accounts.


 

 

Short Sale Info > Short Sale Myths

 

Short Sale Myths

 

MYTH: I must stop making my mortgage payments before the bank will approve a short sale.

TRUTH: You do not have to stop making payments on your home in order for the bank to approve a short sale. What the bank needs to see is a solid reason why you are unable to continue making your monthly payments and/or must sell (loss of job, relocation, divorce, etc.). Due to the current market conditions, the banks generally understand why the short payoff is being requested – whether you have missed payments or not.

 

MYTH: If I am doing a short sale, I am in foreclosure or pre-foreclosure.

TRUTH: A short sale is simply requesting the bank to accept a total payoff of your loan for an amount less than what you owe. You are only in foreclosure when you receive the foreclosure notice from the bank.

 

MYTH: I have a second mortgage or home equity line so I can’t do a short sale on my home.

TRUTH: The majority of people we work with have both a first and second or home equity line. In this situation, the first mortgage generally approves an amount for the second and we negotiate between the two. The second mortgage company is accustomed to taking a much lower payoff.

 

MYTH: I will receive some money back at closing.

TRUTH: When you sell your property as a short sale, you are not entitled to receive money back at closing because there is no equity in your property.

 

MYTH: The bank will not pay the commission for my real estate agent and/or the costs of listing the property with a real estate agent will be passed on to me.

TRUTH: A real estate agents commission is taken out of the banks proceeds at close of escrow. There should never be an out of pocket expense for a seller who lists their home as a short sale with a real estate agent.

 

MYTH: Short sale homes are priced lower than other homes in my area.

TRUTH: Short Sales are priced in line with other comparable properties in your area. Your mortgage company will do their own version of an appraisal of the property to make sure they are getting a fair payoff on the property. Length of time on market, condition of the home and how quickly the Seller needs to close are all conditions that affect the price of every listing – short sales included.

 

MYTH: I have a foreclosure date approaching so there is not enough time to do a short sale.

TRUTH: Because it is generally far more expensive for the bank to foreclosure on your home than to work with us on a short sale, we can postpone the sale on your home in most cases while we are marketing and/or negotiating your short sale.


 

 

Short Sale Info > Foreclosure Scams

 

 

Foreclosure Scams

 

It is important to be aware of foreclosure scams and foreclosure avoidance scams when seeking assistance with your situation.

 

Here are a few things you can do to avoid foreclosure scams…

 

MyArizonaShortSale.com never charges an upfront fee and you retain full control over your home. We make sure that all of our clients fully understand the process and all paperwork before signing anything. Please use the links below to view current information on foreclosure scams. If you feel you have been the victim of a foreclosure scam call the mortgage Fraud Hotline at 1-800-4FRAUD8.

 

Freddie Mac’s Quick Guide to Avoiding Mortgage Fraud

 

Forbes Article on Foreclosure Scams

 

HUD Consumer Advisory, Tips for Avoiding Foreclosure Rescue Scams


 

 

Short Sale Info > Short Sale Tips

 

Short Sale Tips

 

If you are currently facing a financial hardship or you are in a situation which is causing you to miss payments or sell your home there are several ways that you can be proactive and make the process more simple and stress free. These tips can help make the process easier for you:

 

Don’t procrastinate.

If you are unable to pay your mortgage – even for only one month, contact your lender and make them aware of your situation. You should also sit down, determine if this is a long term or temporary situation, and review all options available to you. If you would like assistance in doing this, please feel free to contact us. We can discuss all of your options for both staying in your home and selling it.

 

Prioritize.

After determining how you will proceed, prioritize your debts. If you know you plan on staying in your home it is important to make sure you are not spending money that could be used to pay mortgage payments on other less important debts. Recovering from missed or skipped mortgage payments is far more difficult than recovering from missed or skipped credit card payments.

 

Know your finances.

Make sure you know what is coming in and out each month and budget accordingly. Your lender will want to see an itemized list of all of your current income and expenses when they discuss your loan with you.

 

Know your rights and options.

If you have questions about the process or your options feel free to use our website as a resource or contact us, along with a trusted tax professional and/or attorney to discuss any questions or issues you may have.

 

Do not lose your cool!

You are not alone in this situation and you are certainly not without options. Do not allow yourself to become overwhelmed or ignore the situation. There is help available!

 

Develop a plan.

Whether you choose to sell your home or make an arrangement with your bank, you should create a plan that extends during this process and well beyond. This will include where you are moving to, how you will spend or save the money you have from missed payments, etc. You will also want to decide how you will deal with your lender.

 

Do your research.

Make sure that you know everything you possibly can about your options, the foreclosure process in Arizona and your lenders requirements.

 

Be prepared.

Gather all of your financial information – a summary of income and expenses, bank statements, pay stubs, tax returns, mortgage statements, closing documents from when you purchased your home, a list of your reasons for hardship and any other documents you feel might play a role in working with your banking and have them ready before you contact your lender or someone to assist you with your sale.

 

Work with trusted professionals.

If you need advice or assistance, make sure you are working with knowledgeable, experienced and trusted professionals – we would love to give you a referral should you need information outside of our scope of knowledge!

 


 

 

Short Sale Info > Why Short Sell

 

Why Short Sell

 

Regardless of what anyone may tell you, a foreclosure, short sale, loan modification or deed-in-lieu of foreclosure can all have a negative impact on your credit. There is, however, a difference in the severity of the damage between them...

 

The difference between a foreclosure and a short sale to your credit and financial situation can be huge. A foreclosure will show on your credit as a foreclosure/repossession whereas a short sale will show as pre-foreclosure in redemption status, settled or even as a completely satisfied account. A foreclosure can prevent you from purchasing a home for 5-7 years whereas new Fannie Mae and Freddie Mac guidelines have changed the seasoning of a short sale to 2 years – which means you can purchase a home much sooner.

 

Foreclosures can also have a negative impact on credit card rates and limits, current or future employment and other areas of your life. Foreclosures generally have a more severe impact on your FICO score. Due to the high number of missed payments many people accrue over the course of their foreclosure, most people report a drop of 200-300 points in their score. If you are proactive about short selling your home, you can reduce this number by acting quickly to get your home on the market and sold. Most people who complete a short sale report a drop of 80-120 points in their credit score and some have been able to fully recover in as little as 12-18 months.

 

The short sale process is far more discrete than a foreclosure. Your friends, family and neighbors do not need to know you are doing a short sale on your property and your property will be marketed like any other home for sale. When the property closes escrow, you will move out and move on with your life. When your home is facing foreclosure, the bank generally posts a notice of trustee sale on your property. If the property does go to foreclosure and you or a tenant is living in the home there will be an eviction process followed by a listing – where it is generally marketed as a bank owned or foreclosure property.

 

A short sale allows you to get out of a home that is causing you a financial hardship and rid you of the debt associated with negative equity without facing foreclosure. We highly recommend that if you are considering a short sale you meet with a professional as soon as possible to reduce the impact on your credit and begin the negotiations with your lender. Best Wishes!


 

 

Short Sale Info > Why Short Sales Fail

 

Why Short Sales Fail

 

Did you know that less than 28% of short sales successfully close?

 

Because many Realtors are not experienced in negotiating with lenders and do not have the time necessary to commit to such a difficult transaction over two thirds of short sales still do not close! Will you wish you had chosen a professional instead of your Uncle Joe the part time Realtor when your home goes to foreclosure? Be sure to choose someone with the pricing, marketing, negotiating and closing experience it takes to get your short sale approved and closed! With MyArizonaShortSale.com, you work with ALL of the vital parties to a short sale transaction – including a full time negotiator with over 250 closed short sales and a Realtor with valuable pricing knowledge due to their experience listing bank owned property.

 

Before choosing a Realtor make sure they can show you their results – we have testimonials right here on our site. When you choose to work with the professionals at MyArizonaShortSale.com, you are working with the best!

 

 

Common Reasons Short Sales Fails:

 

Lack of Ability and Knowledge

Aside from maybe a class, many realtors have no experience with short sales. It never occurred to them to learn about it until they took a class in order to cash in. We were doing shorts sales before everybody jumped on the bandwagon – and doing it successfully.

 

Lack of Experience

More than 90% of all licensed real estate agents had NEVER successfully completed a short sale prior to 2007 (source: MBA). No wonder so many short sales fall through.

 

Laziness

Too many realtors think that once they learned the basics of short sales, their learning curve stopped. Not true. This business changes every single day. True experts know this and constantly stay abreast of changes and improvements.

 

There are no shortcuts.

We can tell you first hand that there is no "quick" way to work through a short sale. They happen when they happen. We do our best to make it all work out as quickly as possible – by doing it the right way.

 

Lack of drive

We didn’t get into the short sale business to get rich. We did it to help good people get out of bad situations. We frequently have to sacrifice some or all of our commissions in order to complete a deal. Any "short sale expert" who isn’t willing to do this isn’t worth even calling.

 

Picking the wrong property

Not every home is a good a short sale candidate. When we meet with you, we’ll analyze your situation and tell you right away. If we can’t help you, we’ll help you find possible alternatives for keeping your home. Our closing percentage is very high because we’re so selective. We won’t waste your time if we can’t help.

 

They don’t know what to do.

This is more common than you think. A realtor who doesn’t know anything about short sales finds someone who does, who’s willing to talk him through it. Ask for proof of experience. We’ll be happy to show you plenty.

 

They don’t know the market.

Some "short sellers" seem to think that because your home is up for a short sale, or headed for foreclosure, then market trends don’t matter. Market trends are everything! How do you think we find an Arizona real estate investor to buy your home?

 

They don’t care.

Arizona Short sales require communication, constant attention and sometimes hourly follow-up. These are time-sensitive deals that can fall through the cracks at a moment’s notice! Make sure your short seller is really interested in you and selling your home.

 

They’re not the boss; you are.

Your realtor works for you. If you’re not getting what you expected when you expected it, fire the realtor. At ArizonaShortSale.com, we work every day to make sure that you receive every service you expected and a satisfactory outcome on your short sale.


 

 

Short Sale Info > Foreclosure Process

 

The Foreclosure Process

The Arizona Foreclosure process and timeline varies depending on your lender and the attorneys working with your lender but will typically be something like this:


 Before Your First Missed Payment

You should consider your options, seek professional assistance and develop a plan of action. Although some lenders will not be able to assist you at this point it is still a good idea to contact your lender and inform them of your intentions.

 

First Missed Payment

Generally, you will begin to receive collection phone calls around the 15th of the month of the missed payment.

 

Delinquent/Default Period

You are in default beginning the 1st day you do not pay your payments. There is no set amount of time that your lender has to wait by law to begin the foreclosure process once you have missed a payment. Most lenders wait until you are between 90 and 150 days late before taking the next step.

 

Notice of Sale

This is a document filed with the County Recorder listing the date and time that the lender intends to foreclose on the home. This notice must be filed no less than 90 days from the date that they intend to foreclose.

 

Trustee Sale

If you are unable or unwilling to work with your bank, the trustee sale will take place and your home will be repossessed by the bank.

 

 

In today’s market, the bank typically takes ownership of your property and then markets it using a local Real Estate Agent. Generally, the new listing agent will come and speak with you regarding your options. The bank has the right to evict you if you do not vacate the property within the time period that they have allowed.

 

Arizona does not have a right of redemption so once your home goes to Trustee Sale you will lose the opportunity to pay the current amount due and keep your home. It is important to act fast regardless of what you choose to do.

 

If you are pro-active about your situation, we can generally get your sale date postponed in order to market your property or negotiate an offer.

 

**REMEMBER** The bank loses, on average, over $50,000 on each foreclosed property – They do not want your house! Read our Short Sale Tips for more information on being pro-active and prepared.


 

 

Short Sale Info > Short Sale Guide

 

Our Short Sale Guide

 

We are dedicated to helping our clients avoid foreclosure and our top priority is always ensuring that the entire short sale process goes as smooth and easy as possible! We have created a comprehensive guide for homeowners that explains every step of the process and gives you helpful before, during and after the sale information. To receive a copy of our Seller’s Short Sale Guide please complete the form to the right.


 

 

Short Sale Info > HAFA Program

 

HAFA Program

 

Are you behind on your mortgage payments? HAFA Short Sale may be the answer for you to get out of your mortgage and avoid foreclosure!

 

Potential benefits of the program include:

 

 

What is a Short Sale?

The sale of property where the outstanding loan balance is more than the property is worth and the bank agrees to accept less than what is owed in order to close the deal and avoid foreclosing on the home.

 

 

How much does it cost?

It costs absolutely nothing to the homeowner. We are paid directly by the lender and only upon closing the transaction.


 

 

Realtor Referrals

 

Realtor Referrals

 

Don't have the hassle of dealing with the banks.

Get paid without the having to deal with the stress it takes to close a short sale.

We have an entire short sale team solely dedicated to short sales.

We have an online login to check the process of your client’s short sale available 24/7.

 

 

Our Referral Structure

A screenshot of a cell phone

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 Please note referral fees are paid as a percentage of gross commission earned in the transaction.

 

We feel it is an honor to work with your clients and we take care of them as if they were our own.


 

 

Contact Us

 

Receive a Free, No-Obligation Short Sale Consultation!

 

Is an Arizona short sale right for you and your current financial situation? Find out with a free consultation. We won’t waste your time if we can’t help you. And hopefully we can point you in the direction of someone who can!

 

Call 480-588-1986 today to set up your FREE, NO-OBLIGATION appointment!


 

 

 

 

 

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Arizona Short Sales No Longer Taking a Long Time

Friday, Aug. 3rd 2012

 

If there was ever anything that seemed to be exactly opposite to what it proposed to do, it is the short sale. A realty transaction that was intended to be quick has, until recently, been known to drag its feet, and your money, in the sand.

 

All of the lag could be due to the time required to actually process a short sale transaction. Yet, many months seem to pass between when a contract is accepted and the actual closing finally taking place. By this time, patience is running short or gone altogether, and new fears set in.

Homeowners are afraid that interest rates will keep rising, and many no longer have the means to continue paying their mortgages. Some even vacate their properties leaving a once well-cared-for property sitting deserted in the midst of a busy neighborhood.

 

Short sales, of course, are realty sales where the bank allows the homeowner to list their property for sale for an amount lower than what is owed to the bank. An example of this is when you own $200,000 to the bank and the short sale allows you to sell for $140,000. All selling expenses are also reduced or deducted.

 

Homeowners are allowed to live in their homes during a short sale in Arizona. Some opt to stay put, others do move out fearing things will get worse.

 

In the past, things usually did get worse. Any shortfall from the sale of a short sale in Arizona would always end up as taxable income for the homeowner and oftentimes the only option was bankruptcy. Now, Congress has passed legislation allowing the losses in short sales to go untaxed.

 

Banks were hard pressed to do anything to save a homeowner until foreclosures in Arizona and nationwide started going through the roof. Even banks could no longer keep up with all the vacant properties. So, in order to ease up on an already saturated real estate market, which was sitting on much deflated home prices, banks have begun to allocate specific funds for their short sale and foreclosure departments.

 

This has made a big difference. In recent months, the time between listing and closing on a short sale has improved due to bank processes that work better and real communication between them and the homeowner, as well as legislation from the Obama administration that requires that banks limit the time a short sale is pending. So, what once was a long sale can now be called exactly what it is.

 

A short sale. One that works for you.

 

 

As Summer Wanes, National and Arizona Short Sales Increase

Friday, Jul. 27th 2012

 

The first quarter of 2012 saw a marked increase in Arizona short sale activity, and realtors and lenders are bracing for another, late-summer increase in short sales. These transactions, where banks and buyers look for bargains in homes, are rushing full speed ahead as summer comes
 to a close.

 

Short sales are where sellers look to sell their homes for less money than what they owe to the bank or mortgage company. If the trend continues, 2012 may just be the year that Arizona short sale activity peaks. As the economy lags, bankers are coming to the realization that it’s better to get something for a property than nothing at all; hence, the increase in short sale transactions in Arizona and around the country.

 

Sellers are looking to the end of the year, with the hope that they can complete their short sale before 2012 is over. Also, for many homeowners who have been hanging on, hoping for the tides to turn, something must be done in order for them to move on, and a short sale in Arizona looks like their best option.

 

Up until recently any additional debt left over from the short sale was always taxed at the seller’s expense. Bankers are now forgiving debt and not keeping the homeowner hostage to the realization that they will be responsible for any monies left over from a short sale. A special provision that expires at the end of this year is taking care of this problem.

 

Sellers who opt for a short sale are always required to show hardship. That term can be quite subjective to sellers and bankers alike. In the case of true unemployment, a hardship to pay any bill is very real. In the case of retirement, for instance, hardship may not mean the same thing. Be sure you and your bank are on the same page when it comes to a successful short sale in Arizona.

 

The past few years have certainly seemed like a buyer’s market, yet buyers shouldn’t be looking for stupendous deals. Unlike foreclosed Arizona homes, which have oftentimes been sitting unoccupied and therefore, unused, short sale homes are more popular with buyers.

 

Here you’ll still find appliances intact, and rooms not totally destroyed. A meeting of the minds is tantamount to a buyer’s understanding of just what they can attain for the money. Reasonableness goes a long way.

 

Being aware of what banks require, what sellers need and what buyers desire, is how successful Arizona short sales are managed.

 

 

Late Spring US & Arizona Short Sales Disappoint

Friday, Jul. 20th 2012

 

Since Congress passed legislation easing up on short sale transactions, you would think these bank assisted fixes would be more popular. Statistics show that a mere 38,000 homeowners took advantage of short sales in the month of May this year.

 

According to the website Hope Now, which helps homeowners with various assistance programs that help them to remain in their homes, short sales usually sell for 15% less than similar neighborhood properties. The good news is they do sell for more than foreclosed properties.

Nationwide, states which have been impacted the most by the foreclosure crisis are Florida, California, Nevada, Arizona, and Ohio.

 

According to Hope Now, there have been over 906,000 short sales in the US over the last two years. Other Arizona homeowners have received loan modifications from their banks or mortgage companies, which has eased the option of default and foreclosure.

 

Data from late spring 2012 also shows foreclosures begun, and final foreclosure sales, both increasing. An estimated 204,000 foreclosures were made in May as opposed to 177,000 in April. Completed foreclosure sales were up 5,000 over April.

 

Short sales are real estate transactions which allow a homeowner to sell their property for less than they owe to the bank. Previously, this would have left the homeowner in a jam, but recent legislation has eased up on how much difficulty the homeowner faces in a short sale. Still, the numbers are not that optimistic.

 

There are many reasons why short sales may not be doing as well as anticipated. Realtors tend to shy away from them, as they can be messy and go on for too many months to satisfy everyone involved in the process. Many realtors find it difficult to communicate with the homeowner, especially one who is not living in the residence any longer. With little or no communication, these transactions can drag on indefinitely.

 

For a homeowner hoping to avoid foreclosure in Arizona, a short sale can be a good deal. But, there are many pitfalls to look out for, and homeowners need to be particularly careful when they decide to go the short sale route.

 

As with any real estate transaction, be prepared for the unexpected. Understand that as a homeowner, you will have little flexibility in how everything will turn out. Short sales are a gamble, but if done correctly with your bank, you can actually emerge unscathed on the other side.

 

 

Short Sale Jeopardy – It’s Not a Fun Category

Friday, Jul. 13th 2012

 

Until recently, many realtors and banking institutions in Arizona and around the country have treated short sales as a losing proposition. Recent guidelines have changed and realtors, bankers, and homeowners need to be aware of the changes and how a short sale in Arizona can benefit everyone involved.

 

In order to have the biggest advantage when it comes to Arizona short sales, here are five things you can do to protect yourself.

 

#1 – Be as knowledgeable as you can be. This one area is key to everything that follows. Understand that open communication throughout the short sale process is what gets the job done. Short sales do take longer than traditional sales, but knowing the needs and desires of the buyer and the seller helps to speed things along to a successful conclusion.

#2 – A seller should know everything there is to know about their property. If there are any liens or 2nd mortgages, these need to be communicated to all involved. Knowing what type of loan the seller has is also important to the short sale process. Sellers must understand that they are obligated to provide all pertinent information to the realtor and the bank in order to obtain a successful short sale.

#3 – Guidelines have changed in the past two years, and banks are under strict guidelines to make the short sale as quick as possible. Everyone involved needs to be on board with all decisions and negotiations, so as not to hit a snag halfway through where one party balks, and the game is off. Again, communication is key.

#4 – If you are dealing with short sale negotiators, be aware that these people are not responsible for everything the seller does or doesn’t do. Documents should be completed, in full, by the sellers and returned to the realtor as quickly as possible. Missing signatures or dates are not the negotiators responsibility, even if the realtor thinks they are. When one party thinks another party is taking care of business when they are not, delays can often become monumental. This is where short sales can take a wrong turn.

#5 – Be aware of any short sale forms from the seller’s lender. There may be forms required by the bank, there may not be forms required. Generic forms are not always acceptable to all parties. Know who is involved and what they require, up front.

 

Short sales in Arizona can be a great way to avoid foreclosure and they can get home owners out of a bad situation, but only if all parties agree to their responsibilities in this important transaction.

 

 

With Increased Arizona Short Sales, Foreclosures Fall

Friday, Jul. 6th 2012

 

For the first time in over a year, Arizona foreclosure filings, as well as filing across the country fell in the month of May. The reason for this is that more lenders are now turning to short sales, rather than bank repossessions.

 

According to RealtyTrac Inc., an Irvine, California based data firm, notices concerning late mortgage payments, whether they are in the form of a default letter, an auction announcement, or a repossession went out to one in every 639 households in the month of May.

 

Even as Arizona foreclosure rates decline, lenders are coming to the realization that the last thing they want are more REOs (real estate owned properties). Even though Arizona foreclosure notices increased, home seizures were down by 18 percent, due to Arizona short sales.

 

According to Realty Trac Chief Executive Officer Brandon Moore, “more banks are now recognizing that treating the problem of delinquent mortgages with short sales rather than bank repossessions can help them minimize their losses”.

 

Otherwise, they are holding onto property which must be maintained and marketed for sale. It becomes its own problem. Additional fees and costs are accumulated by both the homeowner and lender; subsequently, many homeowners are no longer able to pay anything, and the bank will repossess. Situations such as these culminate in a loss for both parties.

 

As long as a homeowner can prove hardship, then it is relatively easy to move forward in an Arizona short sale. Bank repossessions end up leaving blighted homes in neighborhoods, which, in turn, pulls down the value of everyone else living there.

 

Total filings for the month of May increased by 9 percent from April. But, it looks as if a greater percentage of these Arizona foreclosures will end as short sales rather than bank repossessions, as lenders realize this is more to their advantage.

 

States which account for the top ten in foreclosure filings was led by Georgia, which also led the nation in 2006. Foreclosure filings were one in every 300 households. Arizona ranked second, with Nevada being third, followed by California, Illinois and Florida with one filing in 340; Ohio, Michigan, South Carolina and Utah rounded out the top ten.

 

Of the nation’s largest metropolitan areas, the Riverside-San Bernardino region in California came in with the highest foreclosure rate. Atlanta was second with filings there up by 28 percent, and Phoenix ranked third, where filings were actually down.

 

Chicago came in at number four, where filings skyrocketed by 56 percent. Tampa, Florida was ranked fifth, where filings there more than doubled.

 

 

Short Sale Payoff Glitch Leads to Credit Report Nightmare

Friday, Jun. 29th 2012

 

According to a homeowner, in June 2011 he completed a short sale which relieved him and his family from any further mortgage debt. At the time he was no longer able to make payments on the mortgage.

 

Everything seemed fine with the short sale process, but later when he checked his credit report he noticed information which had been posted there by Ocwen Financial Corp. According to their data, there was still an outstanding and delinquent loan in the homeowner’s name. The loan number was different from the original, but the amount owed was exactly correct.

 

So, what to do? The homeowner contacted Ocwen Financial, and after some brief research was told that he was correct and they were wrong, but there was nothing they could do to right this situation for him.

 

After contacting The Fixer, this homeowner was told that his loan in all probability got caught up in a glitch, which should have been simple to fix, yet ended up in a credit report black-hole, where seemingly nothing could be done.

 

The Fixer contacted the VP and CEO of Ocwen Financial Corp., John Britti, and low and behold, within days the whole problem was straightened out.

 

The homeowner was told that the glitch occurred at the time he was having his short sale. Servicing of his loan had been transferred from Ocwen to another company, and it was at this point, that the recording of the paid-off amount of $3,300 was not done.

 

Ocwen did finally issue a satisfaction or release of mortgage document, along with an apology. They explained that the erroneous information would be expunged off the homeowner’s credit report in a few weeks.

 

Which is something everyone should be checking. At least once a year, check out the many free services available to view your financial information from the three leading credit agencies.

In addition to always being on top of your finances, be sure to keep track of all your pertinent documents, and those that you no longer need. These should never be just thrown away.

 

Unwanted documents or old files should always be shredded. If not by you, then take them to a shredding service or watch to see if there are “Shred It and Forget It” events, such as the one sponsored by the Better Business Bureau with the City of Chicago.

 

All of your old electronic devices should also be dropped off at events like these to insure they are being disposed of properly. Data is wiped clean, and parts get recycled and disposed of safely.

 

 

Military Families Get a Break from Fannie and Freddie

Friday, Jun. 22nd 2012

 

Military families often find themselves in difficult circumstances, especially when they are transferred from one base to another and must sell their home in a hurry. This forces some into financial straits, or ends up with a homeowner owning two homes instead of one.

 

According to the regulator for government-controlled mortgage companies, the Federal Housing Finance Agency, military families will now be allowed to sell their homes for less than what they owe. Short sales that are usually reserved for those who are in arrears with their mortgage payments are now available since the government-controlled companies have eased the rules for military families.

 

Military members, who receive what is called a Permanent Change of Station, often find that they must move in a hurry. This can result in not finding a buyer or renter for their former home and this in turn, leads to financial difficulties. In the economic downturn we are currently experiencing, many spouses find it hard to immediately find a job in a new location.

 

“Those who serve our country deserve to be given the best service by their mortgage servicer,” said Consumer Financial Protection Director Richard Cordray.

 

It can be difficult enough for members of the military to deal with the daily intricacies of defending our country, “rather than worry about the maintenance and leasing of a property in another jurisdiction,” says Edward Demarco, acting director of the housing regulator.

 

Military homeowners face unique and challenging situations, many of which can throw them into defaulting on their loan obligations. That’s why being able to sell your home in a short sale, should assist many military homeowners from falling into loan default situations.

 

Regulators such as the Federal Reserve, the Consumer Financial Protection Bureau, and the National Credit Union Administration have issued guidelines for mortgage companies to comply with. Citing misleading or abusive practices, these regulators are seeking that military service members are given priority with these new consumer-protection laws.

 

In a move which should come as welcome relief to struggling military service members, financial regulators say they will take action against lenders that don’t provide adequate help to military members forced to move from one location to another. For Arizona’s military families, this comes as a relief, and in some cases, a huge financial burden is lifted.

 

Under the new policy, transferring bases would be considered a hardship, and thus qualify a military member for a short-sale approval. The new rules will only impact homes purchased before June 30.

 

 

Be Proactive With Phoenix Short Sales

Friday, Jun. 15th 2012

 

As of June 2012, over 10 million Americans find themselves underwater where their mortgages are concerned. Since home values started plummeting as early as 2008, many homeowners are now in the uncomfortable position of owing more on their house than what it is currently worth.

 

Some homeowners are holding on, hoping that real estate values in Phoenix will begin increasing again; others are happy with the way things are, or will make do.

 

Wherever you find yourself these days, you must stay aware of guidelines and regulations which are constantly changing, especially under Freddie Mac and Fannie Mae.

 

New rules which just took effect on June 15th apply only to loans taken out by either of these two mortgage lenders. Homeowners, under the new guidelines, who are selling their homes for less than what they owe, must receive a decision back from their lender within 60 business days.

 

Up until now, some lenders were taking months to come to decisions on short sales. This may seem like an advantage for homeowners, in that they just might get tired of waiting and go elsewhere; but they, too, need to remember, these guidelines can cut both ways.

 

So, if you are a homeowner, and you are looking to short sell your property, the best thing you can do is to hire a real estate professional or an attorney who is well versed in the particulars of a Phoenix short sale.

 

According to Ed Delgado of WREN, the Wingspan short-sale affiliate spokesperson, “The more agents understand about how the process works, the fewer the delays and the faster the closings.”

Don’t rely on an agent who either is not familiar or doesn’t know at all about short sales. You can quickly find yourself under the bus, wondering what happened.

 

The short sale process requires that accurate and complete information is supplied by the homeowner. Your key document will be the hardship letter. Here, you state in your own words, why you are selling at this particular time.

 

“Offer a bullet-point list in your own hand of the events that led to your hardship. If the lender can’t understand how you got into trouble, he may close your file and move on to the next one”, says Karen Mayfield, national sales manager with Bank of the West in San Francisco.

 

Have all pertinent documents available, along with pay stubs, bank statements, and proof of residency.

With complete information by the homeowner, quick action will lead to successful Phoenix short sales. A proactive approach will get you there with much less stress.

 

 

Bank of America Gives Arizona Foreclosure Candidates Bit of Help

Friday, Jun. 8th 2012

 

There’s nothing fun about the prospect of an Arizona foreclosure. Arizona has seen
 some of the worst of the housing bubble burst of the last five years and residents across
 the state are pretty exhausted by the prospect of a stagnant market. But with the U.S.
 government putting some muscle behind Bank of America, customers are going to see
 a few benefits, including some debt relief. Just this month, 
200,000 customers across
 
the country have been contacted
 about a reduction of their mortgage principal of up to
 $20,000.

 

Naturally, there are many conditions. The mortgage must be owed to and serviced
 by Bank of America or a qualifying investor. Your house must be underwater; in other
 words, your mortgage owed must be more than the current value of the home. And the
 total payments monthly must be more than 25% of your gross monthly income. The
 only confusing part is that you must make three payments, on time, before you are
 approved, but you must also have been behind on payment by 60 days. Sadly, there
 are plenty of people who don’t meet those requirements.

 

The qualified home owners will then be assessed based on the value of the house
 and their mortgage may be reduced to no less than the current value of the house. At
 the same time, Bank of America is required by their deal with the U.S. government to
 determine whether or not the deal is better than the loss they would incur if they went
 through with a foreclosure.

 

The aim of the deal was to encourage the five major banks participating to look for an
 alternative to foreclosure. Banks are responding accordingly, and the results will benefit
 residents of Arizona who are feeling the threat of foreclosure.

 

 

How to Avoid an Arizona Foreclosure or Short Sale Scam

Friday, Jun. 1st 2012

 

Although home owners are more savvy than ever about scams, there are still plenty
 of people who find themselves believing the things they want to be true. People are
 desperate, especially when they are finding themselves in a situation that is out of their
 control. This is when scammers have the power, and tend to take advantage of your
 tendency to search for hopeful news. Rather than being sucked in, always take a step
 back when things sound too good to be true.

 

Big Red Flags

The best way to stay safe is to be patient and thoughtful when considering a new option
 that may or may not be real. However, there are also some pretty big red flags when it
 comes to Arizona foreclosure scams.

 

If someone claims that they will require payment upfront, stop right there. Don’t give anyone your money if they could disappear and leave you without any option of recourse. You should also never sign something until you fully understand what you’re signing. If an agreement uses the word “deed” you may be in trouble if you sign it – even if it turns out to be a scam.

 

Counseling Traps

Of course, scammers are only getting smarter. There are some people who will act as
 loan counselors and give you a couple of free meetings before requiring that you pay.
 

Many scams will promise things that are virtually impossible, but claim that they get great
 results for their clients all the time. And the worst is when the scammer claims they are
 affiliated with a company or organization that you recognize, but it turns out they never
 were.

 

If you have any doubts about the legitimacy of someone who promises you help with
 your 
Arizona short sale or foreclosure, stop and think before acting. You may scare
 them off with a few pointed questions, saving yourself heartache and more financial
 trouble.

 

 

JPMorgan Overzealous in Foreclosure of a Recently Sold Home

Friday, May. 25th 2012

 

While more and more people are opting for an Arizona short sale rather than allowing
 their bank to foreclose, apparently that is not quite enough in some situations.
 JPMorgan Chase is having a bit of an embarrassing week, as a 
home owner who
 
bought a house in a short sale in Kansas City was foreclosed
 on by the bank just two
 months later.

 

Is it possible that JPMorgan Chase, one of the biggest banks in the country, is
 incapable of tracking the properties they are responsible for? The answer must be yes,
 since Allan Danforth’s locks were changed and his belongings taken away. This is understandably upsetting to him, so he’s suing JPMorgan in a case that looks to be pretty straight forward.

Foreclosure is a bad enough experience, but many of the practices of big banks
 have been criticized for their impersonal nature and the lack of sufficient notice and
 paperwork. The disorganized state of JPMorgan is bringing a lot of heat to the bank, but
 they are not the only ones under scrutiny. In Mississippi, a new home owner learned
 that the house she was renovating was actually the wrong house. The realtor says it
 was the bank that allowed the sale to go through.

 

With a lot of confusion and even more frustration on the part of home owners and
 banks, it’s not entirely surprising that mistakes have been made. 
Arizona short sales
 
are rising as foreclosures fall, and that seems to be good for both banks and mortgage
 holders. But if you’re on the other side of a short sale, apparently you should triple
 check everything before getting comfortable.

 

Allan Danforth, foreclosed on in his newly purchased home, is a testament to the chaos
 that the market is in today.

 

 

Arizona Short Sales Become More Attractive for Bank of America Customers

Friday, May. 18th 2012

 

Last year, Bank of America tested a program in Florida that gave their mortgage holders
 a bit more of an incentive to work towards a short sale. Home owners who were staring
 down the possibility of a foreclosure were told that if a short sale was completed, they
 would qualify for some assistance relocating to their new residence. Due to the success
 of the program in Florida, 
now Bank of America mortgage holders across the country,
 including Arizona short sale candidates, will have the same option.

 

The way the housing crisis has unfolded, banks are not really winning. Nobody feels
 good about the housing market right now, except for first time home buyers who have
 virtually limitless options and are seeing very low prices. Banks may gain a home
 when they foreclose, but they can’t do much with that home until the housing market
 improves, and an empty, foreclosed upon home isn’t attractive as the months, and
 sometimes years, pass them by.

 

This may be why Bank of America is looking for better ways to deal with their
 customers, who may not be paying their mortgage through no fault of their own. For
 people who are considering their options, the short sale is pretty good anyway. It lifts
 some of the damage of a foreclosure on your credit score and most banks are trying to
 cut deals so they can sell a home in a short sale rather than foreclose.

 

Bank of America expects Arizona to be one of the top states where short sale
 candidates apply for the moving assistance, as it was one of the states hardest hit
 by the bursting of the housing bubble. Sellers of Arizona short sales should be pre-
 approved for the sale price and can receive $2,500 to $30,000 in assistance.

 

 

How Will You Deal With Taxes After Your Arizona Short Sale?

Friday, May. 11th 2012

 

The last thing someone who is threatened with foreclosure wants to think about is
 
what their next tax return is going to look like. Being upside down on your mortgage
 is enough to worry about, and getting through the short sale process is cause for
 celebration. But too many people aren’t aware of the tax implications before they
 make final decisions about how they deal with the extra debt.

 

In general, if you owe money and are personally liable for paying it back, and the
 debt is forgiven, you received the equivalent of income in current tax law. So if
 you are lucky enough to complete a short sale, and the bank agrees to forgive the
 amount not covered by the short sale, you are liable for taxes on that amount.

Many people feel that this is not fair, and in many ways it simply adds insult to
 injury for people who couldn’t have predicted that they would end up in this kind
 of financial situation. No matter how you deal with your home, whether you are
 foreclosed on, complete a short sale, or complete a deed-in-lieu of foreclosure, debt
 forgiveness associated with the process will be taxable.

 

There are plenty of ways to decrease the amount of income you record. If the
 forgiveness is on your primary home, you have up to $2 million in forgiven debt
 that is not taxed, thanks to the 
Mortgage Forgiveness Debt Relief Act. Work with a
 professional accountant to figure out what to include.

 

On the other hand, you can avoid including forgiven debt as income if you take on
 the excess debt and pay it off yourself. The bank may allow you to make payments
 on the remaining amount, and you may find it easier to complete a short sale if you
 are willing and able to take on remainder debt.

 

 

Short Sale and Foreclosure Standards are Constantly Changing

Friday, May. 4th 2012

 

The housing market bubble that burst in 2006-2007 has put a lot of people on edge
 and scrambling to stay solvent. The situation hasn’t been good for anyone, with
 homeowners finding themselves upside down on their mortgage and lenders having
 no chance of recouping the amount they originally lent out.

 

What has been occurring is a sort of evolution of the Arizona short sale market.
 At first, banks were quick to foreclose, hoping to recoup some money and going
 through the historical motions of dealing with a homeowner who couldn’t pay their
 mortgage. But that doesn’t work all that well for banks these days.

 

Just because the bank owns a foreclosed home, doesn’t mean they get any money
 back. In the past, a foreclosed home would be relatively easy to sell because the
 price would be fairly low. But because housing values are so much lower than they
 used to be, we’re seeing foreclosed homes left empty, lowering their value even
 further and giving the housing market even more trouble on the route to recovery.

Short sales have been a kind of compromise that helps both the homeowner and
 the bank or lender. If a short sale can be completed, the home is no longer the
 bank’s problem and the homeowner walks away without the credit disaster of a
 foreclosure in their past.

 

This evolution of practices from the banks as well as real estate flippers who are
 willing to purchase on a short sale has been good for everyone involved. The
 housing market still isn’t getting much help, but at least things are moving rather
 than stalling. What this means is that the future treatment of foreclosure and short
 sales is still anyone’s guess. If you’ve held out for this long and are now considering
 a short sale, you are better off than those at the forefront of this downturn.

 

 

Arizona Short Sales to See Acceleration Starting Next Month

Friday, Apr. 27th 2012

 

With a Little Help from the Federal Government

Rather than allowing loan servicers to take their time on any Arizona short sale
 decision, the Federal housing Finance Agency announced that starting in June,
 
servicers need to get things moving. Fannie Mae and Freddie Mac announced in
 April that loan servicers should take 30 days to make a decision, while providing
 weekly status updates. If they need 60 days, that is the absolute longest a loan
 servicer can sit on the decision.

 

Arizona foreclosure rates have slowed down, but that doesn’t mean we’re out of
 the woods yet. Across the country, people are hoping to avoid foreclosure by being
 considered for a short sale or deed-in-lieu of foreclosure. The 
Home Affordable
 
Foreclosures Alternatives program
 makes this possible, and now Fannie and
 Freddie are saying that these decisions need to be made more quickly.

 

In Arizona, that means that the chances of getting out from under and upside down
 home are getting better. The Phoenix foreclosure rates of the past few years have
 been devastating and the housing market has yet to recover. But 
Phoenix short sales
 options are helping some homeowners to deal with a situation that is neither their
 fault nor under their control.

 

The timelines are meant to put a little bit of pressure on what Freddie Mac
 senior vice president Tracy Mooney calls, “complex…home sales since they may
 involve multiple parties and long-distance negotiating.” The weekly reporting
 and the expectation that deals will be completed within a month or two will add
 transparency, too, giving both home owners and buyers a better sense of what is
 going on.

 

Arizona short sales can be stalled for months when loan servicers are swamped with
 requests and the decision is not easy to make. Without a timeline, homeowners are
 left sitting on top of a painful waiting process.

 

 

Yes, Short Sales are Better Than Foreclosures

Friday, Apr. 20th 2012

 

For the housing market and for everyone involved in the deal

 

Even the neighborhood where the house stands benefits from a short sale more
 than a foreclosure. Foreclosure rates are dropping, pressure is being put on loan
 servicers to speed up short sales, and short sales are increasing. Many analysts are
 pointing at the negative actions of increased short sales on the housing market and
 seeing a pessimistic half empty glass. But others are looking at what this means in
 the long term and seeing that things 
might actually be half full after all.

 

In the short term, short sale increases do mean that housing prices will not be rising.
 This means that an increase in short sales prompts some negative projections in
 the short term and many people are quick to say this means a recovery is not in the
 works. But looking at that single variable doesn’t give enough of a picture to make
 that kind of dire determination.

 

More sales is still a sign of increased buyer activity, even if those sales are short
 sales. And while buying at extremely low prices is part of a short sale buyer’s plan,
 at least they are buying. Nothing can get the market to move back up except for an
 increase in sales. Foreclosures, on the other hand, are simply more dead weight
 for the market to bear, and with the increase in short sales has come a decrease in
 foreclosures.

 

If the market is going to recover, someone has to buy the homes that are out there
 and available. Foreclosed homes are not bought homes, and they decrease the value
 of the entire neighborhood. Short sale homes have at least been sold, which means
 banks are recouping some of the debt owed to them. It might be time for just a little
 bit of optimism.

 

 

Loan Modification Program in Arizona?

Tuesday, Feb. 22nd 2011

 

Is there such a thing?  I was reading an article last week on AZ Central’s website regarding loan modifications and the support that the government has given Arizona.  The Arizona Housing Department has received a total of 268 million dollars to put towards this program, which I am assuming is the Making Home Affordable Program.  Take a guess on how many people have successfully completed this program and completed a modification…give up?

 

One! One person in all of Arizona has successfully completed a loan modification through this program.  The bank was National Bank of Arizona, which approved the modification in January and forgave $20,000 of his mortgage balance another $20,000 came from the Arizona’s 268 million in federal funds. So the borrower’s mortgage balance was reduced by $40,000 and his payment by $240.

This is all great right?  Not really, this is the ONLY person who has been able to complete a modification and receive principle reduction since this program’s beginning.  Where is the rest of that 268 million going? Personally I haven’t a clue.

 

My thoughts? If you can get a principle reduction done on your property and lower your payment then by all means sign on the dotted line.  So far only one person has been able to do this, and the requirements to qualify for this program look about as long as long as the US Constitution.  Even if they lower your payment for you and not the principle balance you’re still completely upside down in your property and it could take a decade before it is worth what you paid for it. So you now have a lower payment but still owe the same on your mortgage.

 

Solution? Short sell your property, rent for two years and get your credit back to where it was, because to qualify for some of these programs you must miss payments. Then purchase another home in two years and start fresh without owing more on your home then its worth.

 

If you own a home with negative equity or know of someone with negative equity, please contact me at kyle@kylewylogerealestate.com for a free, no obligation consultation to discuss your options according to your individual personal and financial circumstances.  Consultations are 100% confidential and, as always, our goal is to help you determine the path that is in your best interest personally and financially, both short and long-term.

 

Source: http://tinyurl.com/4bdqh4d

 

 

70% of Phoenix Homes For Sale are Underwater

Tuesday, Feb. 15th 2011

 

I thought the exact same thing you did when you read this. This is crazy. I just received an email this morning with the same title as this blog and I had to write about it. It is unfortunate that so many people are uneducated when it comes to short sales because for 7 out of 10 people this, is a reality.

Let’s take a few steps back and think about this. Let’s say you purchased your home in 2004 for a $200k. In today’s market in 2011, this home this more then likely worth anywhere from 40%-60% of what is was worth when you purchased it. Lets go in the middle and say 50%, which is $100k. So you are paying a mortgage on a house that you owe $100k more then it is worth.

 

The reason a person buys real estate is to hopefully to make a profit when they sell, if there wasn’t, everyone would just rent. It’s easier to rent…. you don’t have to take care of repairs and you don’t have to pay the HOA. Unfortunately you don’t make any money when you’re renting, much in the same way that you don’t make any money by paying a mortgage that MIGHT get back to your original balance in the next decade or two.

 

So by you paying your mortgage on a home that you’re $100k upside down on or your LTV (loan to value) is at 100% basically what your doing is paying rent but still have all the hassles of repairs, HOA, etc.  The average rate of appreciation for a home in a NORMAL market is 4%-6% let go right in the middle and say 5%. This means if the market turns tomorrow which is HIGHLY unlikely your home would appreciate 5% annually. On a $100k house that is $5k a year. How many years will it take for your house to be worth what you paid for it? Ready, 20 years and you still have not made any money off of the property. In an essence you just rented a property for 20 years.

 

Does that make any sense? A short sale can put you in a much better situation.  You can short sale your current home rent a very similar home for half of what your mortgage was before. Rent for 12-24 months while you work on building your credit back to where it was and then purchase the same house you paid $200k for close to half that. Then you own a home again and can start fresh without being upside down. It just makes sense.

 

If you own a home with negative equity or know of someone with negative equity, please contact me at kyle@kylewylogerealestate.com for a free, no obligation short sale consultation to discuss your options according to your individual personal and financial circumstances.  Consultations are 100% confidential and, as always, our goal is to help you determine the path that is in your best interest personally and financially, both short and long-term.

 

Source:

http://tinyurl.com/5tud8tm

 

 

Why Short Sale?

Tuesday, Oct. 5th 2010

 

Regardless of what anyone may tell you, a foreclosure, short sale, loan modification or deed-in-lieu of foreclosure can all have a negative impact on your credit. There is, however, a difference in the severity of the damage between them.  The difference between a foreclosure and a short sale to your credit and financial situation can be huge. 

 

A foreclosure will show on your credit as a foreclosure/repossession, whereas a short sale will show as pre-foreclosure in redemption status, settled, or even as a completely satisfied account.  A foreclosure can prevent you from purchasing a home for 5-7 years, whereas new Fannie Mae and Freddie Mac guidelines have changed the seasoning of a short sale to 2 years – which means you can purchase a home much sooner.

 

Foreclosures also generally have a more severe impact on your FICO score.  Due to the high number of missed payments many people accrue over the course of their foreclosure, most people report a drop of 200-300 points in their score.  If you are proactive about short selling your home, you can reduce this number by acting quickly to get your home on the market and sold.  Most people who complete a short sale report a drop of 80-120 points in their credit score and some have been able to fully recover in as little as 12-18 months.

 

The short sale process is far more discrete than a foreclosure.  Your friends, family and neighbors do not need to know you are doing a short sale on your property and your property will be marketed like any other home for sale.  When the property closes escrow, you will move out and move on with your life.  When your home is facing foreclosure, the bank generally posts a notice of trustee sale on your property.  If the property does go to foreclosure and you or a tenant is living in the home there will be an eviction process followed by a listing – where it is generally marketed as a bank owned or foreclosure property.

 

A short sale allows you to get out of a home that is causing you a financial hardship and rid you of the debt associated with negative equity without facing foreclosure.  We highly recommend that if you are considering a short sale you meet with a professional as soon as possible to reduce the impact on your credit and begin the negotiations with your lender.  Best Wishes!

 

If you own a home with negative equity or know of someone with negative equity, please contact me at kyle@kylewylogerealestate.com for a free, no obligation consultation to discuss your options according to your individual personal and financial circumstances.  Consultations are 100% confidential and, as always, our goal is to help you determine the path that is in your best interest personally and financially, both short and long-term.

 

 

Why Short Sales Fail

Wednesday, Sep. 29th 2010

 

Did you know that less than 28% of short sales successfully close?  Because many Realtors are not experienced in negotiating with lenders and do not have the time necessary to commit to such a difficult transaction, over two thirds of short sales still do not close!  Will you wish you had chosen a professional instead of your Uncle Joe the part time Realtor when your home goes to foreclosure?

 

Be sure to choose someone with the pricing, marketing, negotiating and closing experience it takes to get your short sale approved and closed!  With MyArizonaShortSale.com, you work with ALL of the vital parties to a short sale transaction – including a full time negotiator with over 250 closed short sales and a Realtor with valuable pricing knowledge due to their experience listing bank owned property.

 

Before choosing a Realtor make sure they can show you their results – we have approval letters and testimonials right here on our site.  When you choose to work with the professionals at MyArizonaShortSale.com, you are working with the best!

 

Common Reasons Short Sales Fail:

 

Lack of Ability and Knowledge
 Aside from maybe a class, many realtors have no experience with short sales. It never occurred to them to learn about it until they took a class in order to cash in. We were doing shorts sales before everybody jumped on the bandwagon – and doing it successfully.

 

Lack of Experience
 More than 90% of all licensed real estate agents had NEVER successfully completed a short sale prior to 2007 (source: MBA). No wonder so many short sales fall through.

 

Laziness
 Too many realtors think that once they learned the basics of short sales, their learning curve stopped. Not true. This business changes every single day. True experts know this and constantly stay abreast of changes and improvements.

 

There are no shortcuts!
 We can tell you first hand that there is no “quick” way to work through a short sale. They happen when they happen. We do our best to make it all work out as quickly as possible – by doing it the right way.

 

Lack of drive
 We didn’t get into the short sale business to get rich. We did it to help good people get out of bad situations. We frequently have to sacrifice some or all of our commissions in order to complete a deal. Any “short sale expert” who isn’t willing to do this isn’t worth even calling.

 

Picking the wrong property
 Not every home is a good a short sale candidate. When we meet with you, we’ll analyze your situation and tell you 
right away. If we can’t help you, we’ll help you find possible alternatives for keeping your home. Our closing percentage is very high because we’re so selective. We won’t waste your time if we can’t help.

 

They don’t know what to do
 This is more common than you think. A realtor who doesn’t know anything about short sales finds someone who does, who’s willing to talk him through it. Ask for proof of experience. We’ll be happy to show you plenty.

 

They don’t know the market
 
Some “short sellers” seem to think that because your home is up for a short sale, or headed for foreclosure, then market trends don’t matter. Market trends are everything! How do you think we find an Arizona real estate investor to buy your home?

 

They don’t care
 
Arizona short sales require communication, constant attention and sometimes hourly follow-up. These are time-sensitive deals that can fall through the cracks at a moment’s notice! Make sure your short seller is really interested in you and selling your home.

 

They’re not the boss…you are!
 
Your realtor works for you. If you’re not getting what you expected when you expected it, fire the realtor. At ArizonaShortSale.com, we work every day to make sure that you receive every service you expected and a satisfactory outcome on your short sale.

 

If you own a home with negative equity or know of someone with negative equity, please contact me at kyle@kylewylogerealestate.com for a free, no obligation consultation to discuss your options according to your individual personal and financial circumstances.  Consultations are 100% confidential and, as always, our goal is to help you determine the path that is in your best interest personally and financially, both short and long-term.


 

 

 

 

 

SERVICE AREA


 

 

Service Area > Chandler Short Sale

 

Chandler Short Sale

[Chandler Map]

 

Slowly but surely, the real estate market in the greater Phoenix metropolitan region, including Chandler, is shifting. There's been a noticeable uptick in selling prices and the number of distressed properties on the market has dropped from 25 percent in March of 2010 to 17 percent today.

Still, there are a number of reasons why short selling your Chandler home may not be the right option for you. Homeowners facing foreclosure often opt for short sales under the mistaken notion that it is somehow better for their credit scores. This is not true. Credit reporting bureaus lump short sales with foreclosures under the heading "Not Paid As Agreed." The two have more or less the same effect on your FICO score.

 

Nor will a short sale automatically cancel out your remaining debt to your lender. If you read the fine print on your original contract with the financial institution that approved your mortgage, you'll see it contains two parts. The first is your promise to pay back your lender; the second creates a lien on your property so that if you fail to repay your loan, the mortgage holder has the right to repossess that property. In order for a short sale to take place, the lender has to agree to lift the lien. But that doesn’t necessarily mean that the lender lifts the obligation to repay the loan.

 

Financial institutions have been known to require short sellers to sign unsecured promissory notes in exchange for releasing the lien. Because these promissory notes are unsecured, they frequently have higher interest rates. In states where mortgages are not non-recourse loans, financial institutions have been known to start collection proceedings against borrowers, even going so far as to assign them to collection agencies.

 

Even in cases of short sales where the original lender has discharged the loan, the IRS may not. Unless the debt was forgiven between 2007 and 2012 or the discharge was linked to a hardship condition or a decline in your property’s value, the IRS considers a short sale income and will tax you accordingly.


 

 

Service Area > Gilbert Short Sale

 

Gilbert Short Sale

[Gilbert Map]

 

Experience, local insight and negotiating power are why Gilbert homeowners choose MyArizonaShortSale to complete short sale proceedings. Short sales are our primary focus, and in recent years we have closed hundreds of successful short sales in Gilbert and throughout Arizona.

Whether you’re unemployed, upside down on your mortgage or barely able to make your payments, we can orchestrate a clean escape. Short sales are a viable, preferable alternative to foreclosure. Do you have a first, second, third mortgage or a home equity line of credit? No problem. Our expert negotiators can work out a deal that is good for you and will keep your lenders happy.

 

If you’re considering a short sale, there's good news. Lenders in the Gilbert area are more likely to agree to a short sale than they were just a few years ago. In 2009, roughly one-third of delinquent properties in Maricopa County were transferred to investors through short sales. By 2011, according to data from local title agencies, more than half the distressed properties here in Maricopa County were sold through short sales.

 

Short sales are a win-win for homeowners and lenders. Homeowners can get out of a bad financial situation, and lenders don’t need to repossess homes or deal with long sale times and unexpected losses. By agreeing to a short sale, lenders accept a lower amount than is owned, and homeowners don’t need to worry about lenders chasing them for money they don’t have.

 

These benefits are attractive to homeowners facing financial difficulty. However, approximately two-thirds of short sales are never finalized. When contemplating a short sale, you need an agent with in-depth knowledge of market trends and experience in this unique area of real estate. Someone who has taken a class is not knowledgeable in the real-world mechanics of the short sale process. If you’re ready to get out of your home and avoid prolonged financial hardship, we’ll put you on the fast track. Be proactive. Take the first step today and give us a call.


 

 

Service Area > Maricopa Short Sale

 

Maricopa Short Sale

[Maricopa Map]

 

When you own a home but owe more money than what your home is worth, this is commonly referred to as an underwater mortgage. There's a reason for that term. Too often these home owners definitely feel as if they are drowning. In today's housing market, underwater mortgages are all too common.

Home owners are dealing with their situation in a variety of ways. Some try to refinance in order to lower their payments or make improvement to their home hoping to increase the value. Some try to hang in there, making regular mortgage payments and other sacrifices to stay afloat. Some miss mortgage payments and may eventually face a foreclosure from their bank. Some home owners choose to concede on their own terms by pursuing a Maricopa short sale.

 

Many people believe that the only way they can pursue a Maricopa short sale is by having an imminent foreclosure situation. Fortunately, home owners do have more power over their situation if they make a point to seize the opportunity early on.

 

Many people are making mortgage payments that are far too high, and this is especially frustrating if you have faced job loss or an unexpected expense, possibly due to an illness or accident. Giving up a home you love can be very difficult, but a Maricopa short sale can be a way to have a minimal effect on your credit and give you an opportunity to downsize your lifestyle until you are ready to rise up from your ashes and own the home of your dreams.

 

If you're crunching numbers and cannot see the light at the end of the tunnel, a Maricopa short sale specialist can help you present your situation to your lender. This will get them to agree to pursue a short sale before you get behind on mortgage payments and the word "foreclosure" enters into the conversation.

 

No one ever expects to drown in Arizona. With the right person on your side handling your Maricopa short sale, you can move on to your next home with your head held high.


 

 

Service Area > Mesa Short Sale

 

Mesa Short Sale

[Mesa Map]

 

The Mesa real estate market is showing signs of improvement. Two years ago, fully 23 percent of all homes on the market were distressed properties. Today that amount is just 19 percent. That is still almost one out of every five houses on the Mesa market, of course. If you are a Mesa property owner who thinks that a short sale is your only chance to get out from under a loan that’s crippling you, there are other options you should consider.

 

Talk to your lender. In the wake of the bad publicity financial institutions have received with the recent wave of foreclosures, banks and other lending institutions have become more flexible in modifying terms of the original loans. It is highly unlikely that your bank will reduce your principal balance, but banks are becoming increasingly open to lowering interest rates.

 

In Arizona banks may agree to participate in a strategic short sale. A strategic short sale is one in which the lending institution agrees to accept considerably less than the value of the loan if the seller is able to demonstrate a hardship. What constitutes a hardship? These vary from lender to lender, but generally include situations involving an illness or other medical emergency, job relocation, or reduced income due to your own unemployment or the unemployment of a partner who was contributing to mortgage payments.

 

You might also consider providing owner financing to prospective buyers and offering your property at a price that is over the current assessed price of your property, closer to what you paid for it. There are plenty of people in the process of turning their credit around who would not be approved for a loan by a bank but would jump at a homeownership chance. Just make sure an ironclad security instrument is in place that protects your interests.

 

Finally, if you are young, you have the option of continuing to make your mortgage payments. The real estate market is righting itself. There is a good chance you will regain your lost equity as years go by.

 


 

 

Service Area > Peoria Short Sale

 

Peoria Short Sale

[Peoria Map]

 

When people look to buy homes they often look at what they believe are affordable neighborhoods. Many then take a hard look at their budgets, and as a result they compromise their dreams and move into homes that are less ideally located. Years later, they may realize that they are not living where they want, and they find themselves facing the challenge of selling their homes, hoping for something better. One way these would-be buyers can get it right the first time is by looking into Peoria short sales.

 

Sellers place their homes on the Peoria short sale market for many reasons, but it is not uncommon for them to choose to put their homes on the market as short sales because they are facing financial circumstances that make it difficult for them to keep up with their mortgage payments as they are. For many homeowners, trying to hang onto mortgages that they ultimately come to realize they can't afford leads to foreclosure. Peoria short sales are much better options for their finances as well as their credit worthiness.

 

The discount that buyers are able to get by pursuing a Peoria short sale has nothing to do with the quality of the home. The decline in value is market driven only, and buying a home from a homeowner facing a difficult financial situation is an opportunity for you to do something positive for your family as well as for the seller.

 

Buying a home is a complex venture, and with a Peoria short sale there are a few extra wrinkles that are hard for the untrained eye to see. Working with an expert in Peoria short sales can mean the difference between getting an approval for the Peoria short sale house you want and finding yourself settling for the wrong home.

 

Life is about playing the hand you've been dealt with the highest level of skill and determination. And that certainly applies to buying or selling a home. A Peoria short sale helps many people make the best of whatever life has handed them.


 

 

Service Area > Phoenix Short Sale

 

Phoenix Short Sale

[Phoenix Map]

 

Real estate everywhere in the U.S. right now is a buyers’ market. Nowhere is that more true than in the Phoenix area, where well over 35 percent of all houses with "For Sale" signs in their yards are listed as short sales.

 

Short sale sellers may be so anxious to unload houses with mortgage payments that are pushing them into debt that they’re willing to take less than they owe on the balance of their outstanding loans. Desperation, though, isn’t a very strong negotiating position when you’re hammering out a contract. Don’t let your anxiety trick you into becoming the victim of a short sale scam or committing short sale fraud.

 

Predatory Negotiators

Some self-styled short sale negotiators will guarantee that they can sell your home in exchange for a fat flat fee or an inflated percentage of the sale price. Such scammers are notorious for pocketing your money and doing nothing to help the sale of your home.

 

Some states require people calling themselves short sale negotiators to be licensed by the agency responsible for licensing real estate agents, but Arizona is not one of them. If you’re tempted to work with a short sale negotiator, talk to an attorney first to make sure your contract with this intermediary provides you with legal protections in case he or she doesn’t hold up the other end of the deal.

 

Undisclosed Payments

Some lenders will approve short sales but only under Draconian conditions that cap all payments to the parties involved. The seller may be forced to agree to the terms that he or she receives no financial benefit from the sale and real estate agents, attorneys and other third parties involved receive minimal commissions and fees.

 

Understandably, third parties involved with these transactions are not very pleased by these terms. Often they may demand to be paid outside of escrow. A seller who’s anxious to get the deal done may comply with their requests. But payments that aren’t disclosed to lenders constitute short sale fraud, says Freddie Mac. Contact us today to ensure that you're working with short sale experts.


 

 

Service Area > Queen Creek Short Sale

 

Queen Creek Short Sale

[Queen Creek Map]

 

Driving through Maricopa County, one cannot help but notice the many 'For Sale' signs posted on properties in the area. It's not uncommon to find homes purchased just six or seven years ago now being offered for half of what they sold for then. While the bursting of the real estate bubble has negatively affected homeowners nationwide, towns like Queen Creek have been hit particularly hard.

It's not obvious from a home for sale sign if the house is being offered because the family has been transferred due to a job, is upgrading to bigger and better digs, or if the current mortgage payments are no longer manageable. A foreclosure sign, however, is easier to decipher. This signifies a property that has gone back to the lender due to a loan default.

 

These signs are also becoming much too common in our Queen Creek neighborhoods and, while the whole scenario makes you bristle at the way the real estate market bubble was allowed to develop and destroy so many lives along the way, it's a fact of life in today's economic climate. It's also a fact, though, that many of these foreclosures could have been avoided by the use of the short sale technique.

 

A short sale is defined as a transaction where the lender permits a property to be sold for less than the currently owed amount on said property, thereby taking a loss. While this type of sale typically requires lengthy negotiation with the lender and can take a long time to complete, more and more lenders are realizing that it is in their best interest to consider this type of agreement as an alternative to foreclosure.

 

If successful, a short sale may ultimately release the homeowner from the entire loan obligation. Although a short sale may still cause a negative impact on the borrower's credit rating, it will be much less significant than if the property were to go into actual foreclosure.

 

At MyArizonaShortSale, we have helped hundreds of Arizona homeowners find the best option. We're here for you, so contact us today.


 

 

Service Area > San Tan Valley Short Sale

 

San Tan Valley Short Sale

[San Tan Valley Map]

 

Are you struggling to pay the mortgage on your San Tan Valley property? If you owe more than the value of your home or second property and are struggling to afford the repayments, you have the option of a short sale to release you from the burden of mortgage debt.

 

Short Sales Explained

 

In a short sale, a mortgage lender accepts less than the amount owed on the home in recognition of the fact that the property the debt is secured against is worth less than the debt. Why would the bank agree to this? Simply put, it wants to avoid having to foreclose on your property because the money it would recoup from foreclosure would not cover the amount owed on the mortgage. The costs of foreclosing make it even less worthwhile for the bank to take your home.

 

For this reason, San Tan Valley lenders are often willing to negotiate short sale terms that are favorable to the borrower. If you are considering a short sale, it is vital that you have a professional on your side who is able to negotiate with the lender on your behalf. This will get you the best possible terms on the short sale of your San Tan Valley property.

 

Short Selling in San Tan Valley

 

If you are considering a short sale on your San Tan Valley home, you are not alone. Many other struggling local residents and investors have chosen this option to escape their debts. As a San Tan Valley property owner, you are in the fortunate position of owning property in an attractive and highly desirable area. San Tan Valley's proximity to central Phoenix, its sunny climate and the nearby San Tan Mountains draw many buyers to this area. This means you have a good chance of finding a buyer quickly.

 

If you decide to go ahead with a short sale of your San Tan Valley property, don't delay! Contact MyArizonaShortSale for help today.


 

 

Service Area > Scottsdale Short Sale

 

Scottdale Short Sale

[Scottdale Map]

 

Scottsdale homeowners have kept a close watch on the housing market with a certain air of disappointment. Chances are they had high hopes for their homes. For most people the idea behind home ownership is to buy a home, live there for as long as the location and characteristics of the home suit their lifestyles, and sell the home years down the line while pocketing a little extra built-up equity -- or using it to buy a better home.

 

Unfortunately, for many Scottsdale homeowners the story is a little different. Instead of increasing in value, their home values have depreciated. Instead of moving up in their jobs, they have faced layoffs and pay cuts. For many, scraping together the money for mortgage payments is getting more difficult. Many homeowners wonder if it is worth it to hang in there until things get better, or if it might be time to cut their losses and move on.

 

If you're frustrated with your home owner experience, a Scottsdale short sale may help. A short sale allows you to admit and face your financial difficulty before things get out of control and your home ends up in foreclosure.

 

Although some people rush into a short sale because they feel an impending foreclosure peeking around the corner, you can be proactive and talk to your mortgage lender about the possibility of a short sale even if you are still current on your mortgage payments. By explaining about a job loss, an unexpected expense, or other situation that is making meeting your payment obligations difficult, you can convince your lender that your home simply is not worth what either of you had anticipated.

 

By selling your home on a short sale you are not going to make money. You're actually conceding that you won't. But it may be better than waiting for things to reach the point of foreclosure and taking the extra hit to your credit score. Instead, you get a new start and an opportunity to reassess your expenses and move forward with your life.

 

Contact us today to speak with an experienced short sale specialist.


 

 

Service Area > Surprise Short Sale

 

Surprise Short Sale

[Surprise Map]

 

The Internet, media and real estate experts all talk about short sales being difficult, drawn out and almost guaranteed to fail. What none of them tell you is why these perceptions exist.

 

It all boils down to the fact that few know how to handle a short sale properly from beginning to end. Both banks and realtors are at fault for not learning how to do the job right -- which makes life harder for the homeowner whose only goal is to get out from underneath his crushing debt.

Before going any further, let's explore the basics of a short sale.

 

The definition of a short sale is selling the house for less than the current balance of the mortgage. The seller is supposed to pay the difference that is owed, otherwise known as bringing money to the table, in order to close the deal. Sometimes, the bank forgives the difference and the seller does not need to bring any money to the table.

 

Going this route is not without its risks and difficulties from a financial point of view but, when compared to the struggle to keep up with the mortgage debt, it is a lifeline.

 

For various reasons, banks and realtors don't always deal with a short sale in an efficient manner. For a seller, this means that his attempt to escape his mortgage drags on and on. Realtors may not be of much help either, as they do not have the knowledge needed to negotiate a short sale.

Getting a short sale done requires coordination among the bank, the realtor and the homeowner. First, the homeowner needs to get the bank to agree to the amount of the sale. Next, he or she needs the realtor to price the house appropriately and inform potential buyers of sale circumstances. Not an easy task at all.

 

MyArizonaShortSale helps homeowners successfully sell their homes via a short sale from start to finish. Our team consists of professionals that have the expertise to negotiate with the bank, find a buyer, and help homeowners preserve their credit rating.


 

 

Service Area > Tempe Short Sale

 

Tempe Short Sale

[Tempe Map]

 

Today's housing market is either good or bad, depending on who you ask. If you are holding onto a house while watching the values of your neighbor's homes decline, you probably consider the market poor. If you are looking to buy yourself, it is a bit easier to see the positive aspects of the current housing market.

 

One tool for homeowners or prospective buyers in either circumstance is the Tempe short sale. The positive aspects of a Tempe short sale are easy to see from a buyer's perspective. Houses are selling for much less than they did a few years ago, and when the market bounces back, values will likely rise again.

 

For struggling homeowners Tempe short sales just might be the thing that prevents their homes from going into foreclosure. Those homeowners who are struggling financially because of job losses, employment downgrades or unexpected expenses can appeal to their mortgage lenders, requesting their agreement to short sales.

 

Although some people wait until they have missed several mortgage payments and are facing an imminent threat of foreclosure, it shows financial responsibility to call out your own financial situation and bring up the possibility of a Tempe short sale before that decision is forced on you by your lender.

For buyers who have maintained workplace and credit stability despite the challenging economy, Tempe short sales may provide opportunities to move their families into better houses or better neighborhoods than they would have thought possible. There are many Tempe short sale homes on the market that just might be able to convert you from someone looking for a practical home to someone looking for a dream home in ideal surroundings.

 

But Tempe short sale or not, buying or selling a house can get complicated. That is why it is important to work closely with people who are experienced in dealing with Tempe short sales. These experts know the right questions to ask, and they are available to answer yours whether you are buying, selling or just inquiring about what goes into a Tempe short sale.