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Short Sales & Foreclosures

 

What is a Foreclosure?

Foreclosure is the process used to enforce a payment or obligation on real property when a deed of trust (mortgage) is in default.
It is the legal process that a bank or mortgage company uses to force the sale of your house to repay a debt; usually the mortgage on your house. Even if one payment is missed the lending institution can take the property back and then sell it to repay the money owed them. Typically, a foreclosure notice is filed after three or four payments are missed. We have Short Sales experts that can help you to avoid falling into this situation, or to stop the foreclosure process immediately if it is already initiated. Even if an auction date has been set, we can help you to stop the foreclosure process.

 

What is a Short Sale?

A Short Sale is the sale of a house in which the proceeds of the sale fall short of what the owner still owes on their mortgage. Many lenders will agree to accept the proceeds of a short sale and forgive the balance of what is owed on the mortgage when the owner cannot make the mortgage payments. In many scenarios the owner owes the lender(s) as much or more than the current value of the property, therefore, selling the property via traditional methods is no longer possible. By accepting a short sale, the lender can avoid a lengthy and costly foreclosure process, and the owner is able to pay off the loan for less than what is owed. This will prevent a foreclosure from being included on the owner’s credit report. We have Short Sales Experts that specializes in these types of transactions and have helped many owners to avoid foreclosure. Call Now for a FREE and absolutely confidential consultation.

Foreclosure or Short Sale?

The chart below shows a high level comparison between a foreclosure and a short sale. This chart was created so that you can start to see which option works best for you in your particular circumstances.

FORECLOSURE SHORT SALE
Affects on Credit Score Foreclosure has a significant negative impact on credit score, which makes it difficult to get loans in the future. Credit score could fall 105 to 160 points. Generally, a foreclosure will remain on your credit report for 7 years. Credit score may drop between 50 points and 130 points. Major point drops are typically due to being in default, meaning you have fallen behind on your payments.
Displacement The bank may want you to immediately vacate the property and can commence eviction proceedings. If you’ve had a foreclosure notice filed, we may be able to postpone that action while the lender considers your short sale. The wait for short sale approval can be from 2 to 3 months, or longer, this gives you more time to stay in the house.
Loan Application after Foreclosure/Short Sale Fannie Mae Loan – Up to 7 years. Others institutions vary – ask us about yours. Fannie Mae Loan – As little as 2 years. Others institutions vary – ask us about yours.

This information is shown only for orientation purposes, and may change/vary depending each particular case.

We have expertsin achieving Short Sale agreements between the Owner, the Bank and the Buyer, helping many owners avoid foreclosure.

Is my house under a Foreclosure process? How can I confirm it?

If you are more than 60 days behind with your loan payment, your house might be in the foreclosure process. In Maricopa County, a default notification is sent to you and the county in order to officially register that the foreclosure process has started.

Many people don’t know they are actually in foreclosure, for diverse reasons (didn’t receive or missed the notification, they are not living any more in the house, etc).

We can verify if your house is in foreclosure. Contact us with your name and address and we will check for you.

Do I have to leave my house? When?

If you are in foreclosure, your house will be auctioned off and the bank will want you to immediately vacate the property and can commence eviction proceedings. If you choose to short sale your house, we may be able to postpone that action while the lender considers your short sale. The wait for short sale approval can be from 2 to 3 months, or longer.

How can I Stop the Foreclosure? The first and more important point is – that you may be able to stop the foreclosure by short selling your property. In a short sale, the lender bank allows you, the Home Owner to sell your property for less than the amount owed on the mortgage. However, succeeding in doing a short sale requires a navigation through complex and bureaucratic negotiation process. Professionals in real state and specialists in banking negotiation are indispensable in order to reach an agreement between the three parts involved: The Bank, the Home Owner and the Buyer. Our team has the experience and the expertise required to succeed in getting a short sale agreement. By having us on your side you will see most – if not all – of the following benefits:

1. Stop the foreclosure process – Lessening the damage on your credit rating, – Delaying your move date from the house.

2. Processing using real estate professionals -Put the stressful situation behind allowing you to move on, -100% transparent- no surprises.

3. Absolutely NO costs for you -No fees, No commissions.

The second most important point is – that time is not on your side. The longer you wait, the fewer options you have. You may even end up losing every possibility of avoiding the foreclosure. Do not hesitate, call me today and we will determine if you qualify for our program.

More Answers: You may have many other questions not listed here. We will be very pleased to help you answer all of your questions.
NO COSTS, FEES OR COMMISSIONS will be charged to you, no matter how much work and time is needed from us along the process.

CONFIDENTIALITY: We guarantee strict confidentiality. All the information we receive is kept secured, and won’t be transmitted to anyone outside our team.

Charles

602-620-5700

charles@azreins.com