Arizona Gov’t Assists Foreclosure Prevention
March 6th, 2010
More than a thousand house owners in Phoenix, Arizona region were able to use foreclosure prevention methods to keep their houses from being foreclosed on. Because of a diversity of foreclosure prevention projects, millions of Americans across the state have been able to avoid foreclosure. Contrary to popular belief, the banks and lenders that maintain these mortgages want to help you with foreclosure prevention just as much as you want to help yourself.
The gov’t in Phoenix, Arizona understands that foreclosure prevention systems are essential to the families of this great state. And they are doing everything that they can to help with foreclosure prevention for all of those property owners that need it. There have been comprehensive efforts with respect to foreclosure prevention to help people stay in their houses.
The foreclosure prevention plan that the federal gov’t unrolled was enacted by President Obama. He also had the intentions of helping foreclosure prevention of houses that were bought with sub prime mortgages. The foreclosure prevention plan is set up and can be used until at least 2012.
Under the foreclosure prevention plan, many people that face foreclosure or the possibility of foreclosure can have the chance to use something like a loan alteration. Loan alteration is a great method of foreclosure prevention as it gets the property owner into a state that they can feel happy with. Yet, because the gov’t is involved, they are in control of who can use the plan. That is a good thing for people trying to find a technique of foreclosure prevention. Without the gov’t involved, a loan alteration can only happen if the lender agrees to it, and they only care about there money.
The foreclosure prevention plan is useful for many, but its criteria can make it difficult for some to become certified. Also, if you are one of those individuals that can’t make the payments at all, modifying the loan may not help at all. Therefore, some of you need to mull over an additional foreclosure prevention option.
Consider for your foreclosure prevention method the short sale of your property. The short sale offers the property owner the opportunity to get out from under their mortgage by selling the property.
Because of current state of the housing market, with property values falling, people don’t believe that they can sell their houses for enough money to pay off the mortgage. While this is accurate, the short sale remedies that, which is why it is a very nice method of foreclosure prevention.
With a short sale, you are able to sell your property for less than the value of the mortgage and the bank accepts that money along with other conditions that include either forgiving the remainder of the loan or working out a payment plan for the remainder of the loan. Either way, it is a great way of foreclosure prevention.
Do you want to go to the next step? Free Short Sale Consultation by Short Sale Specialists.
Fred Weaver and Kevin Kauffman, Group 46:10, do daily blog – find it here: Apache Junction – Arizona Short Sale Specialist
For more videos on short sales check out Kevin and Fred on the Short Sale Power Hour. Video for Short Sale Specialists.
Posted in Short Sale
Fred Weaver is a founding co-owner of Group 46:10. He has been working in the financing/real estate business for over 7 years. Fred began his real estate career by working for a large wholesale bank as a processor and rate/lock specialist for home mortgages. After 2 years in the business, Fred transferred from the banking side of home loans to the mortgage side. While on the mortgage side of financing, Fred gained experience originating mortgages and processing files for Morgan Capital of Arizona, Inc.
Kevin is a founding co-owner of Group 46:10. He began working in the real estate business in 2007 after spending 8 years working in the finance industry for companies such as Bank One, Green Tree Financial, & GE Capital.