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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!

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.

Kyle Wyloge

RE/MAX Infinity

602.790.2588

kyle@kylewylogerealestate.com

www.myarizonashortsale.com