BEAT THE FORECLOSURE ON A TRUSTEE SALE BEFORE IS TOO LATE!
YOU SHOULD TRY TO SHORT SALE YOUR PROPERTY AND FREE YOURSELF FROM FORECLOSURE!
SEE IF YOU COULD BE ELIGIBLE FOR A SHORT SALE. CLICK HERE
What is a Foreclosure?
Foreclosure is the legal process by which a mortgagee (a bank or secure creditor), or other lien holder, usually a lender, obtains a termination of a mortgagor‘s equitable right of redemption, either by court order or by operation of law (after following a specific statutory procedure). In Arizona, being a lien holder state, foreclosure process is essentially straight forward, meaning the borrower defaults on his payments for ninety days, the lender has legal right to foreclose the property without a court order.
There is a Way Out Of It
Unless you negotiate with the lender a loan modification or some sort of settlement to bring your account current, or even a Deed in Lieu (exchange of the deed for the property, but you still liable for the deficiency amount), a short sale is the best way to go. In addition, short sales has a mild negative impact to your credit report than a foreclosure. Nevertheless, you should consult a lawyer about the possible legal impacts on proceeding with either option you might have.
Process of a Short Sale
A short sale is the process where the mortgage company will take a pay off less than the amount own to them on the note with a full deficiency release in most cases. The mortgage company on a short sale will have the last decision as to what will the net pay off be and the terms of the sale.
When doing a short sale you need to consider three key aspects:
- Market Conditions
- Short Sale Agent
Before considering doing a short sale, the homeowner has to know when to stop making the mortgage payments. The longer it takes for the homeowner to decide when to start doing the short sale at time of default, the harder would be to perform a short sale. This means, in order to start a short sale, the property has to be listed and put in the opened market to obtain offers. Once an offer is accepted, then the short sale package is submitted to the bank or loan servicer. This process takes time, and the sooner the property is listed the better. If the homeowner decides to short sale the property during the foreclosure process (when a notice of trustee sale has been issued) the short sale can still be performed, however, the time to get an offer is very limited since a trustee sale date is already set.
It is very important for the homeowner to understand that there are areas on which is harder to sell a property than others due to the home supply in the neighborhood. If your neighborhood is flooded with houses for sale, then is harder to get an offer. This is why it is important to understand the market conditions.
The Right Broker/Real Estate Agent
In the past 6 years the number of real estate agents have decreased considerably due to the housing and mortgage crisis. This situation has strengthen those real estate professionals who strategically adapted to unstable market conditions and strived in such scenario. A good and experienced agent will always be a performer and a busy real estate professional. Choosing the right agent is critical important when looking for a property. What should you look for a real estate agent when looking for your house?
At REAL ESTATE PLUS USA, we have agents that will exceed your expectations as well as the quality of service we provide. Our agents are carefully selected and personally trained by the president of the Company, Rod Moreno who has an extensive knowledge in the real estate industry as well as in the business world.