Get foreclosure help Before It’s Too Late
February 6th, 2010
In case you have been living in a cave (which would signify this piece of writing is irrelevant to you for the reason that you don’t need foreclosure help), we thought you should know that the country is in a bit of financial disorder. Millions of home owners are facing mortgage problems and thinking about how to get foreclosure help. Never before in the past has the foreclosure rate in Phoenix, Arizona been so high. The present administration and congress have been rolling out programs everywhere you turn to help the nation improve. Indeed one of their focuses is on the housing market. They recognize that many are searching for foreclosure help.
With lenders receiving billions of dollars in bailout money, you would think that they could offer a hand to home owners looking for foreclosure aid. However, to date, that has not happened.
If you are one of those unlucky home owners looking for foreclosure aid, there are some choices available to you. However, given the fact that you may be facing foreclosure, most of the choices are not truly a way to find foreclosure help, but rather a way to deal with your approaching foreclosure. Here are a few choices to consider, as well as our personal opinion on the validity of using each option to get the foreclosure help that you need.
Bankruptcy – filing for bankruptcy in Phoenix, AZ is not really a helpful way to get foreclosure help. Depending on the state that you live in, bankruptcy may not even be a possibility in avoiding foreclosure. However, it is an option, albeit the worst option. With bankruptcy (depending on the laws that fluctuate in each state) you may be able to avoid foreclosure, but your credit will be ruined for a minimum of seven years.
Loan modification – With loan modification the possibility at receiving foreclosure help is better than bankruptcy. Then again, the modification of your present mortgage is fully up to the bank that you are working with. The bank can adjust your loan to better fit your needs at their judgment. Since they are also stressed, they may not be apt to alter the provisions of your loan as foreclosure could get them more money in the short term.
Short sale – The Short sale of your home is, WITHOUT a DOUBT, the best choice available to someone looking for foreclosure help. To be clear, however, considering this foreclosure help is not entirely correct as you need to start this procedure Prior to the bank deciding to foreclose on your house. With a short sale, you put your home on the market and find a buyer for it. Then, we you have an offer in hand, you can negotiate with the bank to take the offer even if the bid doesn’t cover the entire value of the loan. The lender will often times agree to this lesser offer because they appreciate that they will not get nearly as much if they sell the home at foreclosure. They will also excuse the remains of the loan to deal with the procedure.
There are not a great deal of choices accessible to you if you are looking for foreclosure assistance. However, foreclosure help is available. We feel that your best option, and your only option if you want to come out of this adversity with as little injury as possible, is the short sale.
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: Gilbert – Avoid Foreclosure Arizona
Watch Kevin and Fred, Short Sale Specialists, on the Short Sale Power Hour. Video for Short Sale Specialists.
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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.