Arizona Short Sale

Finding a way to avoid foreclosure in Phoenix, Arizona should be the focus of any person that finds themselves behind in their mortgage. One of the best ways that people have found to avoid foreclosure is using a foreclosure short sale to keep the bank from sending that dreaded letter. If you are one of the many people that has not heard of a foreclosure short sale, it is a complicated process. So, we will explain the foreclosure short sale to you as simply as we can. A foreclosure short sale is when a mortgage lender decides to accept an offer from a buyer that is less than the needed amount for what is owed on the existing mortgage property.
In some cases, a foreclosure short sale in Phoenix, AZ can take as long as six months to close on. There are several reasons for the foreclosure short sale taking so long. Don’t worry about how long it takes to close a foreclosure short sale. However, you should consider why it is important to use a foreclosure short sale and avoid foreclosure completely. The biggest reason to decide on a foreclosure short sale is to keep your credit in relatively unscathed. If you plan to own a home again in the future, it is important to avoid foreclosure through foreclosure short sale.
If you now understand that the foreclosure short sale is right for you, get help. You will be better served in a foreclosure short sale to have a knowledgeable real estate agent with experience in the foreclosure short sale process. Sit down and speak with the real estate agent to gage just how experienced they are with negotiating a foreclosure short sale with lenders and banks. An agent with experience in foreclosure short sale will understand that it takes a lot of patience to negotiate with a bank. Many real estate agents do not have people with experience in foreclosure short sale and will struggle through the process. They could probably still handle a foreclosure short sale, but you will be better served to find someone with experience.
Many times, the best choice you can make when executing a foreclosure short sale is to find an investment group who will be willing to offer you an all cash payment for your property. You will want to avoid contingencies when you execute a foreclosure short sale and try to find a buyer that is willing to close on the property as soon as the mortgage company agrees the offer from your investors. Once again, it is mildly important to find an investor who has some experience in dealing with a foreclosure short sale and is an expert in dealing with bank negotiations.
The most important thing to remember is that a foreclosure short sale will help you keep your credit in a manageable condition. Because you are already in a tough spot, a foreclosure short sale will be the best solution for you.

For more videos on short sales check out Kevin and Fred on the Short Sale Power Hour. Video for Short Sale Specialists.

We are going to speak about mindset yet again today. We have noticed a tendency on our favorite social media website, facebook. Coincidentally, facebook just surpassed 500 million users. So, that is a magnificent lead generation method on mindset Monday. Just ask the 23 customers that we received through facebook and closed on.

The notion that we would like to speak about is that we have noticed a lot of agents on facebook that are complaining. We aren’t mad at them because several of them are our friends. Nevertheless, we see a lot of the status updates about which lender you loathe. Also, there are lots of status updates asking if anyone has a good contact at this specific lender or that specific lender. In light of these facebook postings, we would like to bring people back to the January 2nd installment.

The notion that was discussed on that installment was to do something distinctive. This isn’t an installment to get mad at agents. The purpose is to not get stuck in a rut doing the same thing all of the time and hoping for distinctive results. You will have to do something distinctive.

One of the things that we urge to agents is to speak to someone distinctive at the lender. If you are wondering how to accomplish that, sample jigsaw.com. We get emails all day for acquaintance information. It is important to note that we will never respond with contact information, but we will regularly respond with a recommendation to try jigsaw.com

Just one instance of doing something distinctive, Fred couldn’t get a lender worker to stop talking today so he just started pushing buttons on the phone. It most likely wasn’t the most mature thing to do. Nevertheless, he was doing something distinctive. If what you have been doing isn’t getting you the results you desire, try something distinctive. The worst thing that can happen is you will still not get the results you desire.

If you have questions, get your Short Sale questions answered by Short Sale Specialists.

Watch this and more short sale videos by Kevin and Fred at Short Sale Power Hour

Also, follow Group 46:10 on their blog at Pre Foreclosure – Avoid Foreclosure Arizona

Watch Kevin and Fred, Short Sale Specialists, on the Short Sale Power Hour. Video for Short Sale Specialists.

A mortgage short sale works when a home owner in Phoenix, Arizona owes more debt on a property than the market value of the property. A home owner that qualifies for a mortgage short sale owes more than the property is worth. The lender of the property will agree to forget the difference of the two. For example; you owe $250,000 and the value of your property is $140,000. In a mortgage short sale, the lender will forgive the $110, 000 difference.
The mortgage short sale takes more time than a traditional home sale will take in Phoenix, AZ. The home owner, with the help of a real estate agent that deals with mortgage short sale, will need to find a buyer. This is crucial because the lender will get the property back if a mortgage short sale doesn’t work. When the process starts, the lender will negotiate the terms of the sale sometimes.
The seller can find out the value of a home by looking at what other homes in the area have sold for that are similar. So, if a home that listed at $250,000 sold for $160,000, this would be comparable to your situation. Show this to a lender so that they can consider a mortgage short sale with the difference being only $90,000 instead of the $110,000 listed above.
Many times, a home owner using a mortgage short sale is behind on the payments, but they do not have to be. A mortgage short sale is the choice of a property owner. If you decide to use a mortgage short sale, remember that nothing is certain until there is a formal offer from a buyer. Before the mortgage short sale process starts, you may need to provide the lender with a financial statement, pay stubs, tax returns, a purchase agreement and a letter of hardship.
About a few weeks after all of the paperwork for a mortgage short sale, you will be contacted. Sometimes they will try to collect the outstanding debt from you first and not give you approval.
The steps to complete a mortgage short sale can be difficult. So, if you want to try a mortgage short sale you should contact a real estate agent that has experience completing these types of transactions. You need to have knowledge of the mortgage short sale process and the real estate agent can help with that. The real estate agent in a mortgage short sale should be able to negotiate with your lender.
If you hold a second mortgage on your property, the second mortgage will also have to be negotiated in the mortgage short sale process. Do not forget this important fact.
With the economy struggling and home values dropping like rocks from an airplane, there are not many options out there. The mortgage short sale process is a good option for people that need to find relief from bad mortgage situations.

Watch Kevin Kauffman and Fred Weaver of Group 46:10, Short Sale Specialists, on the daily Short Sale Power Hour.

If you find yourself being one of the millions of people that are in search of foreclosure help, you need to fully understand the situation that you and your lender are in. There are numerous rumors in Scottsdale, Arizona about the banks intentions with regards to foreclosure of your home. Among the most common myths, one that is completely incorrect, is that the bank wants your home. The truth of the matter is, the bank wants to give you foreclosure help. Why? Simply stated, the bank is in the business of money, not in the business of real estate.
There goal, as it was when they first agreed to lend you money, is to recoup that money WITH INTEREST. So, foreclosure help is something that the bank is interested in also. Unfortunately, they do not have the resources to help you find foreclosure help. Choosing to ignore the bank is certainly the furthest you can get from finding foreclosure help.
Another commonly mentioned notion 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 help, but they also want your money. While they would prefer that you pay one lump sum to bring your loan current, there are several noted situations where they can offer you foreclosure help by modifying your loan terms to make payments more suitable for you current financial situation. However, if they feel that it is in their best interest to not give you foreclosure help, and simply foreclose on your property, they understand that they can recoup money by selling your house after foreclosure.
Some people think that the best foreclosure help is to file for bankruptcy. While this can offer some foreclosure help, it generally only freezes the foreclosure process for a period of time. During that time you can search out another means of foreclosure help.
Perhaps the best foreclosure help available to you is the short sale. With a short sale, you get foreclosure help by avoiding foreclosure all together. In the short sale process, you place your home 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 home is only worth the price of the offer. Since the value of homes has dramatically decreased over the past several months, chances are that the new offer will not cover the existing loan balance. However, the bank will be inclined to accept the offer and forgive your remainder of the balance because they understand that they will not get nearly as much money if the have to foreclose on the home and sell it in foreclosure.
The short sale is the best option available to anyone that is looking for foreclosure help. It gives the bank the most of what they want, money. Also, it keeps you from having to go through foreclosure.

The sheer volume of foreclosure news flooding the internet is staggering. Many websites are offering easy ways to beat foreclosure and other sites are spouting shocking statistics about the foreclosure rates in America, but how much of this foreclosure information is correct?

If you read any foreclosure news and feel tempted to act on the information you’ve read, always take a little time to research the information you’ve learned. Find out whether the news you’re reading is real or whether it’s a cleverly designed sales pitch.

You should also be very wary of foreclosure news dressed up to hide the fact that it might be a fraudulent opportunist wanting to prey on unfortunate home owners in a tight spot financially.

The only way to know whether information you read on the internet is real or not is to ask lots of questions and look for other comparisons that help you identify real news and avoid being taken advantage of.

It can be quite difficult to know who’s for real on the internet and who’s not. After all, it’s quite an anonymous medium. No one really knows who’s on the other end of that slick website and how can you know who wrote the information you’re reading.

Foreclosure news websites can often be highly informative. Some sites are specifically written to try and help you to stop foreclosure and keep your home. The information they present is written by foreclosure prevention professionals and their facts are checked thoroughly before they’re even uploaded to the internet.

If you see any foreclosure news that you can’t verify, but you’d really like to learn more about how it might help you, always call the company involved and ask as many questions as you need in order to help you. This is your financial situation and it’s your home you’re dealing with, so never feel bad about asking questions about what might happen to you. After all, you should be able to trust a company that’s holding your home and your future in its hands.

A site offering foreclosure news does not always mean it’s a professional foreclosure prevention company, nor does it mean it might be a fraudulent company. The easiest way to tell if your foreclosure prevention company is for real is to research a little and learn if they’re HUD-certified counselors.

So the next time you read foreclosure news that promises to give you all the answers as to how to stop foreclosure, remember to research what you read and double check your information to be sure no one’s trying to take advantage of your financial situation for their own gain.

Remember that we’re here to help you stop foreclosure fast on your home; whether you want us to try and help you keep it or sell it. For your free consultation visit http://www.SaveMeFromForeclosure.com/questionnaire.php and be as detailed as possible to receive your totally free, no-risk, no-obligation analysis of your situation. From SaveMeFromForeclosure.com – The Nation’s leading foreclosure prevention resource and authority. “You have options, and we can help.”

Article Directory: EzineArticles http://ezinearticles.com

Having a bankruptcy, foreclosure, or short sale on your credit report creates great challenges when it comes to buying a home, but with time and hard work, it still is possible. Here’s how to overcome these challenges:

1. Mark your calendar accordingly:

A. If you filed Chapter 13 Bankruptcy, you may pursue owning a home 1 year after filing.

B. If you filed Chapter 7 Bankruptcy, you may pursue owning a home 2 years after your discharge date.

C. If you had a foreclosure or short sale, you may pursue home ownership 3 years from the date of the sheriff’s sale/auction or short sale on your previous property. The only exception to the three year rule is if you had what are called “documented extenuating circumstances” such as death, disability, or job loss. Even then, lenders determine your fate on a case by case basis. In my experience, the most time I’ve seen cut off is a year.

D. If you have a bankruptcy and a foreclosure, lenders will require you to wait until your sheriff’s sale/auction date is 3 years old.

2. Reestablish PERFECT credit. A. Pay ALL your bills on time. B. Understand there is no margin for error in the current credit environment. C. Check, clean up, and raise your credit scores to 620+ preferably 740+.

1. Go to annualcreditreport.com and see what is on your credit report.

2. Dispute errors and any accounts included in bankruptcy.

3. Fax in your bankruptcy schedules and discharge to the credit bureaus.

4. If information about your foreclosure or short sale is inaccurate, fax in your foreclosure documentation.

3. Evaluate your economic situation:

A. Is your employment situation stable or unstable?

B. How much house can you afford to buy (including taxes and insurance) and still keep your total debt to income ratio below 40%?

C. How much money do you need to save for a 3.5-5%+ downpayment?

4. Prepare 6-12 Months Prior to Purchasing a Home.

A. Monitor interest rates.

B. Choose a mortgage lender who does FHA or VA loans because these programs give you a great low fixed interest rate even with a bankruptcy, foreclosure, or short sale 2-3 years old.

C. Get pre-approved 1-3 months prior to purchasing.

D. Provide your bankruptcy paperwork, foreclosure, and short sale documents.

E. If you filed a Chapter 13 Bankruptcy, provide your pay history to the trustee.

F. Write a letter of explanation and provide documentation why your bankruptcy, foreclosure, or short sale occurred.

G. Pick at least 2 areas to look for homes.

H. Determine what your housing needs are i.e. number of bedrooms and baths, yard and garage size, fixer upper, etc.

I. Decide if you’re going to work with a realtor or pursue “for sale by owner.”

5. Find the Right Home for You!

A. Negotiate a fair purchase price.

B. Set a closing date after consulting with the sellers and your lender.

C. Provide your lender current paystubs and bank statements.

D. Have a home inspection done and be there when it’s done.

E. After closing, notify your creditors, family and friends about your new address.

F. Move in and enjoy your new home!

Paul Storm has facilitated the credit recovery of thousands of consumers during his decade in the finance industry, through his radio program “Credit 911″, national seminars/workshops, and as the author of “Finding Your Way Back: The Credit Recovery Road Map.” To learn more about Paul Storm go to http://www.credit911live.com

Article Directory: EzineArticles http://ezinearticles.com

So, now you have the gist of how the short sell process works in Queen Creek, Arizona. You understand that the bank is taking a lesser payment and allowing you to go about your life. However, you may still be wondering how this all happened. Why would the bank allow me to stop paying and then sell the house for less than the mortgage? This underlying factor is, in our opinion, the grand secret of the short sell.
For the first and possibly only time in your life, you have some leverage over you bank. As stated in part one, they do not want to own your property in Queen Creek, AZ. The are in the money business, not the real estate business. This is the plain and simple reason why they agree to allow the short sell. So, with the ball in your court, the bank can either sit and wait for you to mail the next mortgage payment in (which you are not going to do) or work with you to remedy the situation. Given the trials and tribulations that a foreclosure brings to all parties, the lender is inclined to work with you and approve the short sell of your home. Searching for the quickest solution to this standoff, the bank gives you the right to short sell and recoup their money from a new potential buyer. They, in effect, have stated that they don’t want to try and get your money anymore, but they will gladly take someone else’s money. This is precisely why you, as the home owner are not part of the negotiations during a short sell. Basically, you have said, “I give up my home, and I’ll take no money for the sale of it, but I’m going to live in it until you agree to an offer from one of the many potential buyers that are crawling on top of one another to get your bargain home.”
So, when the lender agrees to a purchase price, usually far below the payoff amount, they have two options. (1) they can forgive you of the remainder of the mortgage and let you walk away owing nothing, or (2) they can exercise their legal right and attempt to force you to pay the difference between the short sell price and the mortgage owed. However, the vast majority of lenders will go with option 1 because the other option, much like foreclosure, just brings more headaches, more legal fees, and more hassles. All of these things cost them money.
The short sell process gets you out of your no equity mortgage or the mortgage that you can not afford to pay with little or no effect on your credit score. This gives you the opportunity to purchase a new home that can help you build equity or simply find a home that is affordable for you.

Welcome to shortsalepowerhour.com. We are joined by our unusual guest Pete, who knows short sales. Filming from Mission Beach on one more gloomy day, we are live on the street in rush hour. If you haven’t turned the episode off thus far, let us chat about short sales and the short sale marketplace.

If you are one of those realtors that believes that short sales will not arrive in your locale of the nation, now is the moment to change your frame of mind. There are a lot of people saying that short sales will not be a big part of your marketplace or that short sales will not influence your real estate marketplace. It is probably time for you to disregard what those people are saying.

Start tuning in to what is happening in our nation. We have been talking for the last few weeks about information in the marketplace. Sales are going downward. Prices are going downward. And Noticeably short sales and REO sales are going up. It brought back some recollections of conversations that Kevin and Fred had with some local real estate agents in the San Diego locale. We told them that we were in real estate and we worked with short sales. They told us that short sales would never get to the coast.

Pete is one of the large real estate agents in the San Diego locale. This billboard used to say Pete knows PB, but now it says Pete Knows Short Sales. Even the people that just rode through on bikes and rang a bell recognize that short sales are part of the marketplace now. So, for those of you that continue saying that short sales are not a part of the marketplace or for those of you that continue saying that short sales will just be around for a few years, it is time to comprehend that short sales are here and they will be in the future. If Pete has shifted his industry practices, maybe it’s time for you to mull over a change in your business practices.

If you are thinking of getting into the short sale industry, check out our Crush It Short Sale session in the Phoenix locale on Friday, August 13th.

If you have questions, get your Short Sale questions answered by Short Sale Specialists.

Watch this and more short sale videos by Kevin and Fred at Short Sale Power Hour

Also, follow Group 46:10 on their blog at Arizona Short Sale Specialist

Kevin is flying solo today. He’d like to chat about a couple different things today. Firstly, we would like to re-examine yesterday’s blog about HAFA. We talked about the lack of influence that HAFA, or anything with four letters, has on the short sale market. With about 15 separate people responding yesterday, we found exactly zero closed HAFA short sales. So, as we acknowledged yesterday, HAFA is just not a game changer. We even got a commentary that stated that a realtor was on day 67 of their 15 day HAFA procedure. That was comical. It has not been impactful to the short sale market in spite of what others may have claimed.

The second thing that we would like to chat about is a little internal document that we were given from a representative of Bank of America. I do not think that this is a Bank of America specific document. I think it is an investor specific document. This document is an impact analysis. We wanted to share a few things at you from this impact analysis. It has the borrowers information, how much the loan total is, the origination amount, the home worth today, and the bid amount. This document also shows what they believe the house would sell for as an REO. However, here is the shock. The estimated marketing expenses on this $271,000 home is approximately $34,000.

You need to keep this stuff in mind when you are told by your negotiators that they will take the house to foreclosure. The lender will never get more capital from an REO. It costs them too much money to take a house to foreclosure sale.

One last reminder for our Crush It Short Sale Seminar. Friday, August 13th we are hosting our lecture. You absolutely do not want to miss this lecture. It is being taught by guys that are in the trenches completing short sales. So, if you are a Phoenix locale realtor or even someone who understands the significance of this lecture and is willing to leap on a plane to get some great education in the short sale business, you will not want to miss this lecture.

If you have questions, get your Short Sale questions answered by Short Sale Specialists.

Watch this and more short sale videos by Kevin and Fred at Short Sale Power Hour

Also, follow Group 46:10 on their blog at Casa Grande – Avoid Foreclosure Arizona