Stop Foreclosure Sale Through The Short auction Method
February 6th, 2010
In order to stop foreclosure sale in Scottsdale, AZ, you must take immediate action as a home owner. Too many people merely miss this option in the process of trying to stop foreclosure sale. All too often we think that trying to stop foreclosure sale is an uphill battle that we can not win. That just is not accurate. Finding a bank in Scottsdale, Arizona to give you a loan that will cover your mortgage payments is at times an option for people, but it is tough to get a loan while you can’t pay another loan.
For most people who own a home that they want to stop foreclosure sale on, selling the home is the best probability they have of them trying to stop foreclosure sale. It is not well recognized to most people, but you do not need to fret, in most cases, that the sale price of your home may not pay of the sum of the loan that you owe the mortgaging business or mortgage bank.
Possibly you have landed on tough financial times and it is now apparent to you that the home you have is no longer the home you can afford. So, through this new insight you are trying to figure out how to stop foreclosure sale. Many people who are in that state of affairs do not think that they can sell their homes because the value of their home is now less than the loan total because of the currently stinky economy and fluctuating home values. The economy, your existing financial situation, and other factors are sometimes not things that you have any power over. However, we want you to know that you DO have power over whether or not you can stop foreclosure sale of your home. To the green eye, it would appear that if you sell your home at a value that is far less than the value you bought it at, you will have TWO tragedies on your hands. First, you will not have a home. And second, you will still owe the bank a pile of money because the sale of your lesser valued home will not cover your remaining debt.
Enter into the picture a moderately new tactic for dealing with this dual disaster, the short sale. The short sale is a great way to deal with both tragedies and stop foreclosure sale of the home. With a short sale, you can sell the home for less than the mortgage note and work with the bank to agree to this offer while forgiving the rest of the mortgage loan. In this way, you can evade both tragedies, because you get yourself free of the mortgage loan and by selling the house, instead of having to stop foreclosure sale or worse yet, actually have your house foreclosed on, you can buy another house in a fairly short period of time.
Many of the questions as to how and why this works can be answered by a real estate professional. The basics of it are as follows…
-you can not pay for the home you are in and you do not want to have the stained credit that comes with bankruptcy or foreclosure
-the bank will get more funds and have less administrative fees from you selling the home than they will if they have to foreclose and sell or deal with you trying to stop foreclosure 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: Peoria – Arizona Short Sale Specialist
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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.