You Have Options • WE CAN HELP!

When you’re facing Foreclosure you might feel that there is nothing you can do. This isn’t true, you have several options and in fact ‘doing nothing’ is the worst thing you can do. Please know that we’re here to help!  602-999-0952

HOW DO I AVOID SCAMS?
Unfortunately scammers often target people who have fallen behind on their mortgage payments. Some will promise that they can save your home from foreclosure if you pay an upfront fee. Others say they can pay your mortgage payments, or have you “temporarily” sign ownership over to them. Still others offer a quick cash sale, frequently for far less than your property is worth.

You will of course need to act quickly, so we’ve compiled a list of options and consulted several experts and industry sources to explore the details:

• IF YOU WANT TO STAY IN YOUR HOME
  • If you’re behind in your mortgage payments and not in forbearance or loan modification, this may still be an option. It’s important to contact your mortgage servicer (the company to whom you make payments) immediately. It is also advisable to contact a HUD-approved counseling agency.
• IF YOU WANT OR NEED TO LEAVE YOUR HOME
  • If you have already discussed payment options with your mortgage servicer and can no longer afford payments, you may need to leave your home. This can be a difficult decision.
    But don’t just walk away.

So what are your options?

1. TRADITONAL SALE:
We are still in a strong Seller’s market. If you’ve determined that leaving your home is your best option, your ultimate goal should be to do what is most favorable for your finances, your family and your credit. Most often, this would be the traditional sale of your home. A traditional sale is when you sell your home for what it is truly worth (at current market value) If your home is worth more than what you owe, you could walk away with money in your pocket. You do not need approval from your servicer, but it may help to notify them of your plans. Our objective is get your home sold as quickly and profitably as possible, to put money in your pocket and stay ahead of the bank. CALL US TODAY 602-999-0952 We can get your home on the market tomorrow!

2. INVESTOR PURCHASE AND LEASE BACK
If you want to stay in your home, we are aware of several investors who may purchase the home and allow you to remain with a lease. Under some circumstances it might be possible to set up a Lease-Purchase, wherein a portion of your rent payment would be set aside as a downpayment toward the repurchase of your home at a later date.

3. REFINANCE
Depending on your particular circumstance, you may be able to refinance your home, either with traditional financing or with what is called a hard-money loan, and be able to stay in your home. We can put you in contact with a mortgage loan professional, who can help you decide whether or not various refinance options are achievable and in your best interest.

4. DEED-IN-LIEU OF FORECLOSURE
A deed-in-lieu is when your mortgage servicer accepts ownership of the home. You will need to move out, however you may not be liable for any deficiency and will not be responsible for selling your home. There are conditions, and to qualify you will need to obtain a loss mitigation application from your servicer.

5. SHORT SALE
A short sale is when the market value of your home is less than the amount of your mortgage. This option would typically be less expensive and faster than foreclosure. It will also do less damage to your credit. When deciding between short sale or deed-in-lieu, it’s important to consider that there is a difference in who handles the sale of the home. Both options are challenging to obtain and both could have negative tax and credit consequences since the IRS considers forgiven debt to be taxable income.

Selling your home is likely your best option but time is of the essence.
The Seller’s Market in Arizona is Still Strong
Contact me and we’ll get you started right away!
Call or Text: 602-999-0952
eMail: golfarizona@cox.net

There is so much more to know about foreclosure. We’d be happy to deliver a packet of information with frequently asked questions. We can deliver it to your home by mail, in person, leave it at your front door or send it in a PDF by email. 

Feel free to contact us with any questions or concerns that you may have. We’re always here to help.

For more information, Call or Text: 602-999-0952
eMail: golfarizona@cox.net
Bill Salvatore / Arizona Elite Properties
Your Valley Property Team
Residential Sales, Marketing, and Property Management

Selling Arizona for more than 20 years

Founder: AZVHV Arizona Veterans Helping Veterans
Recipient: East Valley Tribune’s: Best Gilbert, Arizona Realtor