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As homeowner in Arizona who is upside down in your mortgage, it is likely you have thought about a short sale.  If you live in Phoenix, Glendale, Tempe, Chandler, Cave Creek, Scottsdale, Mesa and other surrounding areas, you may be facing foreclosure and don’t know where to turn or what to do. A qualified team of short sale experts can help you with your situation. All is not lost and there is an out!

For any number of reasons, people who never expected to have problems find themselves under water in their mortgage.  You may be months behind in your payments, and see absolutely no way out.  The Arizona short sale process is something you should consider; we have helped a considerable amount of people avoid foreclosure.  Foreclosure is not something you want on your credit and should be avoided!

Not all Phoenix real estate teams have experience in the short sale process.  Why does it matter?  An experienced team with extensive knowledge in the process can help make every detail and transaction easier and less stressful.  They know the system, and will market the property well enough in order to find the perfect buyer for your home.  Time is essence in avoiding foreclosure. You want to make certain you have experience on your side.

The term “short sale” simply means that your lender is willing to accept less than what is owed on your mortgage. Short sales are a lengthy process and do take time anywhere from 1 to 4 months. Once your Realtor helps you locate a qualified buyer, the lender will order an appraisal and if your offer is within the fair market value they will issue an approval letter.  If this occurs you avoid foreclosure – and the stigma that often goes along with it.  Your credit is still affected, but not completely ruined as it is with foreclosure.  You will most likely be able to purchase home in two years or less. As with a foreclosure it will be another 5-7 years before you will be able to purchase a home.

The government has even stepped in and is giving initiatives for homeowners facing foreclosure to follow through with a short sale. The HAFA (home affordable foreclosure alternatives) program allows borrowers to be fully released from future liability for the first mortgage debt. The HAFA program also provides financial incentives; Up to $3,000 for relocation assistance and also an additional $1,500 for service fees and secondary liens.

In order to qualify for a short sale, you will need to prove a financial hardship to your lender.  This could be divorce, loss of job, death in the family, health issues, surgery/medical bills, loss of hours etc.  A qualified short sale team can explain the process in-depth, so that you understand exactly how it works.  If you are facing the loss of your home, DO NOT STALL!  There is a limited time before foreclosure will take place! If you or anyone you know is facing foreclosure and or has negative equity in there home have them contact us at 480.289.4364 or log on to MyArizonaShortSale.com for a free no obligation consultation.