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Short Sale Advice And Options That You Can Rely On
Just reviewing our closings in July, everything in the red part of the picture is individuals that we are serving to elude foreclosure. Those are all written approvals.
Today we would love to speak to you about your options. If you are falling behind on mortgage payments and are looking to prevent foreclose, you possess about 4 or 5 choices in this market.
The original decision is to wait it out. However, the number of short sales and foreclosures are growing. So, waiting it out is only an option if you can continue to pay your mortgage.
Your next alternative is a deed in lieu of foreclosure. A deed in lieu of foreclosure will have the same affect on your credit as a foreclosure. In spite of this it will defend you from the threat of the bank coming back and sueing you.
The third option is to go to foreclosure. You discontinue making your payments and hand the keys over to the bank. The house goes to auction and the bank purchases it or else an investor obtains it. After that, you will have 30 to sixty days to get out of your house before the sheriff shows up to evict you.
The last option is the short sale. We execute a high volume of short sales in Gilbert, Phoenix, Paradise Valley, Goodyear, Scottsdale, Litchfield Park, in addition to the full Phoenix metro area. Foreclosure will have the most damaging effect on your credit as well as your ability to purchase in the next 5 years. Short sale is generally your best choice. Most lawyers do recommend you to execute a short sale as your best option.
If you would like more information, check out our short sale survival guide on our web site. It can possibly answer many of the concerns that you might have.
Get more help from short sale Realtor, Steve Horn, at Homes by the Horn presented by the Steve Horn Team, Short Sale Specialists of Arizona
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