Solving Your Mortgage Crisis Just Got Easier – Arizona Short Sale Info

October 13, 2012 By

Arizona Short Sale Information

5 Steps for a Successful Arizona Short Sale: 

Lenders and the federal government, prompted by the sheer volume of loan modification and short sale requests, have overhauled their systems and programs, making the foreclosure avoidance process much easier than in the past.

If you are considering short selling your home to avoid the financial and emotional fallout of foreclosure, you should be aware of the five steps you should take to increase your chances of a successful Arizona Short Sale transaction.

First, do you qualify for an Arizona Short Sale?

You must:

  1. Have a verifiable hardship, like unemployment, medical bills, or relocation
  2. Must have a monthly income shortfall
  3. Be insolvent (you have no cash or assets that can be sold to pay down the mortgage), or headed towards insolvency

If you meet these qualifications, follow these five steps to a successful Arizona short sale:

  1. Contact me so we can identify your servicer, fill out an Arizona short sale packet for the lender, and assemble all the required information needed to list your home for sale
  2. Gather financial information (i.e., bank statements, pay stubs) from at least the last three months
  3. Keep your house in show ready condition for showings, and make as many repairs as necessary you can afford
  4. Expect the lender, junior lien holders, and private insurance companies to request more paperwork, and try to gather requested information quickly to ensure transaction efficiency
  5. Set realistic expectations and work with me, the lender, and the buyer to the satisfaction and benefit of all parties involved

For more information about how the Arizona short sale process works, or about any other foreclosure alternatives you may qualify for, call me today at 480-270-5201 or contact me here.  I can help you alleviate the burden the threat of foreclosure brings, and we can develop a strategy to help you breathe a little easier.

For more online information about short sales, please visit our Arizona Short Sale Information Center.

IMPORTANT GOVERNMENT DISCLOSURE: You may stop doing business with us at any time. You may accept or reject the offer of mortgage assistance we obtain from your lender (or servicer). If you reject the offer, you will not have to pay us for our services. The above brokerage is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan.

Filed Under: Phoenix Housing Market, Phoenix Short Sales, Primary Feature Tagged With: , , , , , , ,

Dealing With Foreclosure Understanding The Process So You Are Aware Of Your Rights

November 16, 2010 By

There are many reasons why homes go into foreclosure. Dealing with foreclosure is going to be difficult no matter what the cause. So if you’re facing a foreclosure it’s crucial that you understand as much as possible about the process and what your options are.

Why do homes go into foreclosure?

When a homeowner is late with a certain number of payments or stops making payments, the lender has the right to start the foreclosure process, depending on the terms of the mortgage agreement. It’s a good idea to be aware of what this “magic” number is so you can do whatever is necessary to avoid reaching it.

How long can homeowners remain in their homes once they go into foreclosure?

The law varies from state to state, so there is no set rule. In some states, homeowners can remain in the home for about a year. But in other states, the time frame may be as short as a few months. And in reality, there are some homeowners who don’t move out even when their home has gone into foreclosure. In that case, they may decide to wait for an eviction notice before leaving.

What are redemption laws and what is a period of redemption?

When a home is foreclosed upon, many states allow a set period of time where the homeowner can repay any overdue payments on the mortgage. This is a redemption law and what it means is that the homeowner is able to reclaim his property if he meets the conditions set out. These conditions include repaying all monies owed within a specific time frame. It’s even possible to use the redemption law to reclaim a home that has been sold at auction.

What is meant by short sale and how does it work?

With a short sale what happens is that the property is sold but the net gain is less than the total amount owed. The lender though agrees to take the lesser amount. But, in some cases, the seller may still be on the hook for the difference between the total owed and the proceeds of the short sale. The advantage to the seller is that the foreclosure won’t show up on their credit report. The disadvantage is that you have to pay the difference, even though you’ve sold your home.

What is deed-in-lieu of foreclosure?

In this case the homeowner agrees to give the lender the deed to the house. In return the lender forgives the mortgage and cancels the foreclosure proceeding. You should be aware that this type of agreement will affect your credit to pretty much the same extent as a regular foreclosure.

Being informed may help when you are dealing with foreclosure, so you are able to decide on your best options.

If you’re dealing with foreclosure learn about 6 practical steps you can take to avoid foreclosure. If it’s too late for that, find out how to stop a foreclosure by going to http://getforeclosurefacts.com

Filed Under: Investing, Related News Tagged With: , , , , , , , , , , , , , ,

Buying Short Sales

November 3, 2010 By

For real estate investors, purchasing short sale properties can be a huge opportunity. The apparent benefit of which is that they may buy an investment property for well below the market value, and in the case of a short sale, less than is due on the property. If you are new to buying short sales of preforeclosures, please appreciate that while the process may seem complex, the return on investment may be fantastic.

So how does one invest in or buy a short sale? Initially, to define a short sale in real estate, it is simply buying a property for less than is owed. For an investor the clear benefit of this type of investment property is obvious. Please keep in mind however, that the upside for the institution is low so there are a number of requirements that need to be met in order to complete a short sale. As such, a enormous deal of patience is needed through the buying process

As you get started in purchasing short sale investment homes you must be aware of the role that each participant will play in the transaction. The nearly all apparent player in the transaction is the property owner, though your interaction with them will actually be limited. There are a number of motivations for a property owner to be in this position, but before performing any due diligence in buying a short sale, you must be sure that the owner of your target property is motivated.

The next player in the process is the loss mitigation department of the bank. Because the institution is in business to make cash, you will need to make a compelling case in order for them to agree to a short sale. For home mortgages, this only happens if the cost of foreclosing on the home for non-payment of the mortgage is greater than keeping the existing financing in place, or going through the preforeclosure and foreclosure process. Because that is a guiding principle, you must create a circumstance where the lender sees the short sale as the best option.

Now that you understand these two players, the process of convincing each to short sale the investment property to you is a process of working with both parties to create a request that will satisfy the needs of both the property owner and the bank. Document and photograph all areas of the property that are in disrepair, and get an appraiser to come out and give an appraisal based upon the lowest marketable value of the home.

Now you simply need to agree on a purchase price with the current property owner and submit it along with the package to the bank. Present your purchase proposition along with the short sale package to the bank and gently push it through the approval process. It the proposal is approved, your purchase of the short sale goes through. If not, just modify your request and submit it again.

Visit freetrainer to day to learn about how to buy short sales or download a free copy of the IP Ware real estate investment software visit our real estate investment site today.

Filed Under: Investing, Related News Tagged With: , , , , , , , ,

Ask Joe Weekly Vlog–How Do I Short Sale To Avoid Foreclosure?

August 1, 2010 By

A good majority of Phoenix homeowners never attempt a short sale prior to going into Foreclosure. This weeks topic for Ask Joe Weekly Vlog focuses on this troubling statistic in an effort to help Phoenix area struggling homeowners understand their options to avoid foreclosure and the benefits of a short sale.

If you have a real estate question don’t forget to Ask Joe here.

httpv://www.youtube.com/watch?v=KyHDAIxAssc

Filed Under: Ask Joe Vlog, Home Section 2, Phoenix Foreclosures, Phoenix Short Sales Tagged With: , , , ,

What are your thoughts regarding the HAFA program for Short Sales?

April 17, 2010 By

From April’s Monthly Foreclosure.com “Ask Joe” column

My first thought is that of hope. I sincerely hope the majority of homeowners who currently allow their homes to go to foreclosure without ever exploring their options to avoid foreclosure will educate themselves and take advantage of the many viable alternatives available to them.

Let’s face it, as easy as it may seem to just walk away from a home, the haunt of a foreclosure goes on for years to come effecting credit and even employment, in some cases. Many people are not aware that foreclosure even can affect their security clearance levels and future employment. Foreclosure is certainly not the best option, particularly with the advent of HAFA.

Obviously, foreclosure can’t always be avoided, but knowing your options before going into an “ostrich mode” would well be worth the time invested, particularly in light of HAFA, which will even provide relocation assistance money and eliminate the hovering concern of a deficiency judgment when a short payoff has been accepted.

Personally, I’m so adamant about informing the public about their options, I’ve setup a “Home Rescue Network™” at www.AzSPO.com to provide homeowners who owe more on their homes than they are worth or are behind on their payments a comprehensive list of their options to avoid foreclosure and a quick questionnaire to help them determine if they are eligible for the new government programs available.

With our National network of top agents around the country, we’re able to refer homeowners to the experts in their area to further educate and help them rescue their homes from the black hole of foreclosure. Homeowners or Agents who would like more information can email me at RescueTeam@AzSPO.com.

I believe HAFA will help simplify and streamline the use of short sales and the deeds‐in‐lieu of foreclosure options with the use of the top features HAFA possesses including:

1. Providing financial incentives to borrowers, servicers AND investors
2. Requiring servicers to release borrowers from future liability for the debt (no deficiency judgments)
3. Using standard processes, documents and timeframes to help streamline and standardize the normally daunting short sale process
4. Complementing HAMP by providing workable alternatives to homeowners who are HAMP eligible
5. Eliminating the need for additional analysis on eligibility by utilizing financial and hardship information collected in conjunction with HAMP
6. Allowing the homeowner to receive pre-approved short payoff terms prior to the property being listed

With over 11,000,000 homeowners in negative equity positions on their mortgages (that’s roughly 24% of all properties with a mortgage), I look forward to seeing what HAFA will be able to do to help borrowers avoid foreclosure and how the goals of HAFA to standardize the process flow, minimize the performance timelines and standardize documentation of short sales will play out.

Filed Under: Mesa Foreclosures, Phoenix Foreclosures, Phoenix Housing Market, Phoenix Short Sales Tagged With: , ,
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