Bona fide Foreclosure Assistance, the Short Sale
February 6th, 2010
If you discover yourself being one of the millions of citizens that are in search of foreclosure assistance, you need to fully recognize the state of affairs that you and your bank are in. There are numerous rumors in Scottsdale, Arizona about the lenders intentions with regards to foreclosure of your house. Amongst the most common myths, one that is wholly incorrect, is that the bank wants your house. The truth of the matter is, the bank wants to give you foreclosure assistance. Why? Plainly stated, the bank is in the industry of money, not in the business of real estate.
There goal, as it was when they first agreed to loan you money, is to regain that money WITH INTEREST. So, foreclosure assistance is something that the bank is interested in also. Unfortunately, they do not have the resources to assistance you find foreclosure assistance. Choosing to ignore the bank is certainly the furthest you can get from finding foreclosure assistance.
Another frequently mentioned idea is that the bank in Scottsdale, AZ will not take your money after a certain amount of time will pass. Yet again, the bank wants you to get foreclosure assistance, but they also want your funds. While they would rather that you pay one lump sum to bring your loan up to date, there are more than a few noted situations where they can offer you foreclosure assistance by modifying your loan conditions to make payments more suitable for you present financial state of affairs. However, if they think that it is in their greatest interest to not give you foreclosure assistance, and purely foreclose on your home, they understand that they can recover money by selling your residence after foreclosure.
Some people believe that the best foreclosure assistance is to file for bankruptcy. While this can offer some foreclosure assistance, it commonly only freezes the foreclosure process for a period of time. During that time you can seek out another process of foreclosure assistance.
Perhaps the best foreclosure assistance available to you is the short sale. With a short sale, you get foreclosure assistance by avoiding foreclosure all together. In the short sale procedure, you place your house on the market and get an offer in hand. Then, with offer in hand, you go to the bank and explain to them that the house is only worth the price of the offer. Since the value of homes has severely gone down over the past several months, odds are that the new offer will not cover the existing loan balance. However, the bank will be prone to agree to the offer and pardon your remainder of the balance because they understand that they will not get nearly as much money if they have to foreclose on the house and sell it in foreclosure.
The short sale is the finest choice accessible to someone that is looking for foreclosure assistance. It gives the bank the most of what they want, money. Also, it keeps you from having to go through foreclosure.
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: Foreclosure Help – Mortgage Short Sale Arizona
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.