Loan Modification, Short Sale, Foreclosure. These are three terms homeowners did not talk much about 3 or 4 years ago.In fact many home owners don’t even know what these phrases mean today or how they might apply to them in Arizona’s real estate market.
It is estimated that over 51% of Arizona homeowners are upside down on their home mortgages…they have no equity in their home.Worse yet, many of these home owners owe more than $100,000 more than their home is worth AND they have no other financial reserves.So what happens when these people can’t keep up with their mortgage payments because of adjustable rate mortgages, job loss, business failure, severe illness, divorce, separation, reduced income, or even death?
That is where Loan Modifications, Short Sales, and Foreclosures might come into play.In this packet, I will explain what these options are along with all the other possibilities if you are upside down on your home.Tax and legal questions should always be directed to an attorney or CPA; I will gladly answer your questions regarding the process of Loan Modifications, Short Sales, and Foreclosures.
The purpose of this informational packet is to educate the public on their alternatives to walking away from their home.Many people are making decisions without considering all their options and how they will impact their credit history, ability to buy another home, deficiency payments, or tax obligations.There are ways to reduce OR ELIMINATE these risks!
Keep in mind that there are many available alternatives to walking away from your home.In my opinion, short sale is often the best decision that home owners have to protect them from the risks of foreclosure.However every person’s situation has many variables to consider.Please read the following information carefully and do contact me with your specific questions.
P.S. Your consultation will always be free and confidential.My fees are always paid by the bank if you choose to list your home with me.
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Coldwell Banker Residential Brokerage 3050 W. Agua Fria Frwy #110 Phoenix, AZ 85027
