Arizona Short Sale

Scores of people in Mesa, Arizona area are struggling with paying their mortgages. With unemployment rising and mortgage payments increasing because of ARM’s, home owners are searching for options to help them out of potentially crushing financial situations.
There are many options available to home owners facing crisis. However, some are definitely better than others.
We believe that the best option is short selling your home in Mesa, AZ. Short selling means that you are going to sell your house for less than is currently owed on the mortgage. As the housing market continues to struggle, property values keep tumbling downward. All to many Americans are paying for either a house they can not afford or paying a mortgage that is worth far more than the value of the home. If a home owner needs to get relief from their mortgage and can not sell their house for enough to pay off the mortgage, short selling is a great option.
With short selling, a home owner may still be required to make up the difference between the selling price and the mortgage pay off. The best case scenario, and one that is becoming more common, is that the lender will forgive the remaining balance. Without the forgiveness of the lender, a mark can be placed on your credit.
The other option, in lieu of short selling, is to face foreclosure. Clearly, just the word foreclosure brings about a negative aura. Foreclosure can severely tarnish your credit. With a foreclosure, your credit score can be hurt for ten years or longer. However, with the short selling process, your credit, if affected at all, will only be slightly damaged for as little as two years.
Short selling your home can give you the opportunity to get back on track financially in a relatively short period of time. Short selling your home gives you relief from a mortgage that you can not or do not want to pay. In a very short period of time, you can find yourself back in a home, paying a mortgage that is relative to the current market, both in payment terms and in housing market value.
Wouldn’t it be nice to pay a mortgage that is of a comparable value to your home’s value? With the short selling of your home, you will find yourself in that position fairly quickly.
Heed one word of advice with respect to using the short selling technique. Find a real estate agent that has experience in the short selling process. A real estate expert that can facilitate the short selling of your home brings infinite benefits to you as a home owner. Furthermore, because the lender must approve of the short selling of your home, a real estate expert can give you a better chance of getting approved. The loss mitigation department at your lender, which will approve or disapprove of short selling your home, will appreciate being able to work with an expert that understands the short selling process.
Short selling your home will be better for you credit, your future as a home owner, and your life in general as it eases the stress of dealing with this difficult situation. Look into it as soon as you can. Time is of the essence.

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

A current bill making its way through the halls of Congress, the American Housing Rescue And Foreclosure Prevention Act was passed a few years ago by the Senate and House of this nation and signed into law by President George Bush. Many of the people in Chandler, AZ who are seeking information on foreclosure prevention have been asking for an explanation of this act of congress in terms that they can understand. People, quite simply, want a general idea if this foreclosure prevention is something that they can take advantage of. Here is what we have found out about the foreclosure prevention act.
The House of Representatives worked diligently several months ago to passed what they referred to as “the most comprehensive response to the American mortgage crisis” that the country has ever seen. At least that is their claim. The act is called The American Housing Rescue and Foreclosure Prevention Act (H.R. 3221) and was created to help out with the current crisis facing many middle class Americans that own homes while at the same time providing them with the needed help with foreclosure prevention that they have been asking for.
The act includes a variety of bills including actions to bring up to date the FHA and reform the GSEs, which could help with crucial liquidity to our real estate markets immediately while also supporting foreclosure prevention with better regulation and oversight.
The American Housing Rescue and Foreclosure Prevention Act was created to aid property owners in Chandler, Arizona facing who are foreclosure keep their properties. It is supposed to help a growing number of families with foreclosure prevention in the future, and spur the economy in places that have been hit hardest by foreclosures.
However, keep this in mind, after the American Housing Rescue and Foreclosure Prevention Act was signed into law, dozens of amendments were immediately made to it until it was so exclusive with its provisions that it only helped roughly one percent of the home owners that were looking for foreclosure prevention.
Some of those amendments include…
Amendment 1: FHA American Housing Rescue and Foreclosure Prevention Act (H.R. 5830). Only primary residences are eligible for foreclosure prevention. NO speculators or investment properties qualify. second or third Mortgages loan in the same property will not be refinanced and will not have any means of foreclosure prevention. So, if you have a second mortgage, which many home owners do, foreclosure prevention through this act will not be available.
The raw facts show that almost seventy five percent of current homeowners seeking foreclosure prevention today have a second or third mortgage. That is an enormous group of people that can not get any foreclosure prevention help.

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

Kevin and Fred are lounging on Mission Beach in the San Diego area. It’s a tad cloudy on the beach, but that is not keeping Kevin and Fred from enjoying the shoreline. Because relaxing is more critical to them than chatting regarding HAFA, they have decided to make this one of the shortest short sale power hour episodes ever.

HAFA has proven to be a non issue in the short sale industry. Dave Sutherland with Bank of America pronounces it HOFFA, like Jimmy Hoffa, who is not anywhere to be found. That is a great deal like HAFA, which is not anywhere to be found. Back in March, there was a four letter label out there and other companies selling their certification and telling real estate agents that they need to get qualified for HAFA because it was going to be a game changer.

HAFA has not mattered at all. Now we are on July 21st, and HAFA was rolled out on April 5th. So far, of the few hundred agents that Kevin has spoken to in that timeframe, not a solitary one has reported completing a HAFA short sale.

We aren’t saying that no HAFA Short sales have been completed. We are simply saying that we have not experienced it or recognize any agents that have experienced it. So, now is what we would like from our listeners today. We are requesting your notes under the video in at least the form of two numbers. Firstly, how many HAFA short sales do you possess in the system. And secondly, how many HAFA short sales have you closed.

The initial month that HAFA was rolled out there were plenty of trainings to study about HAFA. Now those instruction courses are CE credit courses. It seems that all of the lessons that don’t really matter goes to a CE credit course because you would only go to it if you might actually get credit for it.

We are hosting a Crush It Short Sale Class in the Phoenix area on Friday, August 13th. It’s a real life, in the trenches, information you can employ, class. Get registered today!

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 Phoenix – Avoid Foreclosure Arizona

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

Kevin and Fred are hanging out at Taco Surf in Pacific Beach, California. Fred actually held his wedding reception at Taco Surf. If you are ever in the San Diego neighborhood, you must check out Taco Surf. The reason Fred is having such a last-minute lunch today is because he has exhausted more than a few hours this morning babysitting foreclosure auction dates.

The first folder, serviced by Metlife for Freddiemac, has been a pest during the complete progression. The first time we tried to complete this folder, MetLife sought to foreclose. So, we went to Freddiemac and they happily delayed the auction date. However, the buyer on that deal fell through following inspections. At the present we have a new buyer and we submitted that contract at the end of June. We have been dealing with Metlife to get them each and every one of the papers that they needed until last week. Last week they notified us that they could not delay the foreclosure auction date because it was too late. So, this morning, Fred had to phone Freddiemac yet again to get the foreclosure auction date delayed. Freddiemac, once again, happily delayed the auction date and sent Metlife an email asking them to delay the auction date for an added 60 days because the offer on this home is more than the BPO. It definitely makes you wonder what Metlife is doing in the short auction business.

The second folder, dealing with Chase, has been very testing. Fred was told last week that the auction date has been delayed and all is fine. Fred has chatted to a couple of people that have been very supportive and nice, but the trustee has already told Fred that the residence is going to foreclosure auction tomorrow. Fred called the trustee for the second time today and he confirmed that it is absolutely going to auction.

Finally, the Chase employee called Fred back and confirmed that the auction had not been delayed. It seems that, Chase delayed the auction internally, but Chase forgot to get consent from the backer. So, Chase had to go to the backer and ask for that they auction date be delayed.

We aren’t picking on any servicers or investors, but we would like other realtors to understand that you must verify foreclosure auction dates with the trustee. Trust no one inside the banks and corroborate everything.

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 Scottsdale – Short Sale Arizona

MORTGAGE SHORT SALE refers to property that is sold for less than is currently owed on the mortgage. When used properly, a mortgage short sale isbeneficial to all parties involved. Property owners can sell their home for less than they owe at the bank. Banks are able to recover the majority of their investment. Buyers can purchase a piece of real estate that is in good condition for less than market value.

Getting mortgage short sale approval in Phoenix, Arizona can be a difficult task. In the past, the vast majority of mortgage short sale requests were denied. However, with the help of a real estate expert familiar with the mortgage short sale process, your approval rating can be nearly 100 percent possible.
Using the mortgage short sale process in Phoenix, AZ is similar other financial problems. Borrowers need to provide many documents showing why the need to use the mortgage short sale process. Lenders usually request a list of income sources and expenses, tax returns from several years, pay stubs and employment records, credit card statements and bank statements.

Mortgage short sales are commonly handled by a bank’s loss mitigation department. This department is assigned to help the home owner work through the process. Their primary job is to make things go smoothly for the buyer, the lender and the seller.

Loss Mitigation Departments do not get to approve the mortgage short sale of a property. However, their opinions can be very important in the decision to approve a mortgage short sale. The loss mitigation department is more apt to support your need for a mortgage short sale if you have a real estate agent working with you to help you out with the details.
The home owner considering a mortgage short sale should compile all of the necessary information and contact a real estate agent before they inform their lender that they are considering a mortgage short sale. The loss mitigation department will appreciate working with a real estate agent and home owner that understand the process of a mortgage short sale.

The home owner will need to provide a hardship letter. This letter can determine whether you get approval or not. It should clearly define why you need to use a mortgage short sale to save yourself.

A mortgage short sale is a great alternative to foreclosure. Be sure to obtain a Payment in Full agreement from the lender when using the mortgage short sale. When banks accept payment in full, forgive any remaining balance that you owe on your mortgage.

Some lenders will require you to pay the difference between the sale amount and the payoff amount of your mortgage. When the home owner is unable to pay this amount it can leave a black mark on their credit report which will stay there until the difference is paid off.

If the home owner can overcome their current financial problems, they can go about purchasing another home in a relatively short period of time.
If you can’t make your mortgage payments, talk to your bank about the possibility of a mortgage short sale. Get educated about the process and find a real estate agent that has experience in such dealings.

It’s not really too difficult to stop foreclosure, if you know how. As simple as it may seem – you could approach the creditor and let them know you are having trouble with your monthly payments. Don’t let this be too long after you discover it yourself, because lenders aren’t exactly known to be very patient with customers who violate the terms of a loan agreement.

After a couple of months of failure to make your payments, they start to frown and ask questions. But if you spoke to them first, they may just be inclined to reconsider some terms on the contract to give you more breathing space while you work out ways to make up the payments.

Another way to get help to stop foreclosure is to try talking to a different lender and telling them that you want to consolidate on the old mortgage. What that will do is most likely to get you a chance at the renewal of the original loan at the hand of this other creditor. Interestingly, this option often gets to win you lower interest rates and different time frame within which to make the payments. Otherwise, they could refinance you, which really isn’t all that different. Certainly you can appreciate that, especially when the only other option would be for you to get kicked out.

And if you could hit the Internet, there are a lot of online aids that offer you various other options for how to seek and get help to stop foreclosure. You should check them out and find out which one is best for your current financial situation.

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In any or both of the immediate clickable links above you will learn TOP SECRET tips that only a privileged few know on not only exactly how to stop foreclosure, but how to get government grants in stopping foreclosure. You will also learn how foreclosure can be easily stopped. Go ahead and click any of the above links to learn insider secrets that lots of people with foreclosure problem need… but most don’t know about.

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With the short sell of a home, as previously stated, the bank is understanding that a loss on this transaction is imminent. So, in an effort to control the loss as best they can, lenders in Phoenix, AZ are becoming much more lenient in allowing the short sell. With the short sell there are far less hassle and headaches. There is much less to control and watch over with a short sell property too.
Negotiating a short sell in Phoenix, Arizona is not nearly as difficult as it used to be. With the rising in short sell homes, the investors of the world and real estate agents are becoming familiar with the process. That familiarity breeds knowledge and expedites the short sell process. With a short sell many parties get involved. Those parties include, but are not limited too
-the seller
-the seller’s real estate agent
-the buyer or multiple buyers (anyone who makes an offer is a potential buyer)
-the real estate agent for the buyer (or buyers if you consider the above factor)
-the lender
-the loss mitigation department from your lender
So, the list of parties is extensive. However, with a short sell, you as the buyer can make this process much smoother by finding a real estate agent who has experience with the short sell process. Experienced short sell agents have the knowledge to contact all of the parties involved in the order and timely fashion that they are needed. The negotiate everything on your behalf. This makes the short sell process, from a seller’s perspective, very hands off. And that fact alone is truly a blessing, given the fact that you are already probably up to your elbows in stress.
It is important to note that the previous paragraph is considered by most to be the most difficult challenge that awaits a seller in a short sell of their home. So, if hiring a real estate agent with experience in the short sell process eliminates your headaches dealing with all of the parties involved, everything else is easier.
Perhaps the most crucial step in the short sell process is finding the agent that can fill your needs. In many past cases, the home owner finds a short sell expert, stops paying the mortgage and simply goes about their own business. The only thing left to do is wait. So, if you can handle a little waiting and you are in financial trouble, short sell your home with the assistance of a real estate agent that has knowledge of the short sell process.
Part three, is the easy reading part of this fine short sell article. In it, we will show you the short sell process complete with examples to give you a deeper understanding of what is really going on behind this popular new method. Read on to get the juicy details.

Most things in Phoenix, Arizona today revolve around credit. Just ask a person that has poor credit or no credit at all. Poor credit or no credit can keep you from buying a car, renting an apartment or even getting a job. If you are a home owner facing the loss of your home, a mortgage short sale can save your credit. A mortgage short sale should be the first thing you consider in lieu of bankruptcy or foreclosure of your home.
The mortgage short sale process in Phoenix, AZ is probably something that you have never heard of or know little about. Although the process has been around for years, it has not been widely used until recently with the collapse of the banking industry and the housing market. The mortgage short sale can help home owners get out of their mortgage liability and retail relatively good credit.
Home owners who have a mortgage that is greater than their home’s current value can qualify for a mortgage short sale. There are very few prerequisite that need to be met to utilize a mortgage short sale. First, you must be late on your payments. It also helps if you have little to no savings, because you will be asking your lender to take a loss on the loan.
In most cases, the owner will have the balance of the home “forgiven” as soon as the home is sold in a mortgage short sale. In order to apply for a mortgage short sale, you must contact your bank and you should also contact a mortgage short sale specialist to help you through the process. Your lender will request some documentation and information so you can be approved.
It is highly recommended that you find a real estate expert with experience dealing in mortgage short sale procedures. Lenders are more likely to deal with a person like this than with the home owner. And, obviously, the real estate expert can expedite the sale of your home.
When it comes to a mortgage short sale, your credit score will not be tarnished as much as if your home went into foreclosure. When your mortgage short sale is complete, your credit report will say “pre-foreclosure in redemption” and may reduce your FICO score by around 100 points.
With a foreclosure, your credit report will have a higher giant impact of at least a 300 point reduction on your score. This fact alone should be sufficient reason to execute a mortgage short sale.
Because of this impact on your credit score, you can resume your life without the burden of poor credit in as little as two years. The result of a foreclosure will take you at least ten years to rebuild your name and credit score. Without a respectable credit score, your only option in maneuvering around this world is to pay cash for everything.

Before the spring of 2009, there was no standard set of rules for loan modifications in the United States or in Phoenix, Arizona.
Each lender in Phoenix, AZ had its own rules as to how they wanted to handle loan modifications. In most situations, the loss mitigation through loan modification process heavily favored the banks. Their main concern was to find a way to recover the money that a home owner was behind in payments. Generally, the banks would either increase the monthly payment or extend the term of the payments so that those late payments would just be paid off at the end of a loan. Usually, when the loss mitigation through loan modification process called for increased payments, the foreclosure of a property was only delayed by a few months, because there was no way that they could make a higher payment.
A new program, announced in the spring of 2009 by the Obama administration has changed the loss mitigation through loan modification process. The guidelines for loss mitigation through loan modification have changed. This program mandated that mortgage payments be reduced to just thirty one percent of the home owner’s income. For many Americans, this meant that they could once again afford to pay their mortgage payments. The loss mitigation through loan modification process, appeared to be a great helping hand.
However, the program only covers mortgages through Fannie Mae, Freddie Mac and the FHA, but it is widely thought that most other lenders will choose to follow the guidelines for loss mitigation through loan modification as laid out by the Obama Administration. The Making Home Affordable Modification Program has placed the focus right on loss mitigation through loan modification. Many in danger of losing their homes to foreclosure didn’t even know what loan modification was.
Since the program’s inception, there have been scores of people flooding into banks to request loss mitigation through loan modification. With all of these people facing the time crunch to avoid foreclosure, this has placed the burden of a national housing crisis squarely on the backs of the Loss Mitigation Department at your bank and every bank.
Before the housing crisis and the crash of the real estate market, foreclosures were not very common. Most lenders and mortgage providers kept a staff of just a few people to handle loss mitigation. Foreclosures were not very common and loan modifications were even less common.
However, the times have certainly changed. Banks and lenders have increased the size of their loss mitigation departments exponentially. This has meant thousands of people needed to be trained to work with loan modifications and all of the other tasks that fall to the loss mitigation department at a lending institution.
There are horror stories abound regarding customers having to hound and hassle Loss Mitigation Departments to get their paperwork pushed through to avoid foreclosure. Loss Mitigation Departments are currently still understaffed, under experienced, and overworked.
Read Part 2 of our Loss Mitigation Report to Find a Better Solution to avoiding foreclosure.