Short Sale Advice And Options That You Can Rely On
Just reviewing our closings for July, everything in the red parts of the image is people that we are helping to elude foreclosure. Those are all written approvals.
Today we would like to talk to you about your choices. If you are falling behind on mortgage payments and are looking to hinder foreclose, you have about four or five options in this market.
The first decision is to wait it out. However, the number of short sales and foreclosures are rising. So, waiting it out is just 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 include the identical affect on your credit as a foreclosure. In spite of this it will protect you from the risk of the bank coming back and sueing you.
The third alternative is to go to foreclosure. You discontinue making your payments and hand the keys over to the bank. The house goes to sale and the bank purchases it or 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 final option is the short sale. We carry out a high volume of short sales in Gilbert, Phoenix, Paradise Valley, Goodyear, Scottsdale, Litchfield Park, and the full Phoenix metro area. Foreclosure will include the most damaging effect on your credit and your capability to buy in the next 5 years. Short sale is typically your best option. Most lawyers would advise you to execute a short sale as your best option.
If you would like further information, check out our short sale survival guide on our web site. It might 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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