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Uncategorized

There May Be a Way to Avoid Foreclosure

by Lorraine Ryall May 6, 2011
written by Lorraine Ryall May 6, 2011
Lorraine Ryall of Trails and Paths

Lorraine Ryall

As we all know, foreclosures have increased at an alarming rate, especially in Arizona, where the real estate market has seen one of the highest declines in home values over the past few years.

Sales of foreclosed homes are up over 300 percent from two years ago. Through no fault of their own, more and more homeowners are finding themselves upside down on their mortgages, unable to make their mortgage payments and facing foreclosure. I am here to let you know you are not alone. There is help!

Regrettably, more than 70 percent of homeowners facing foreclosure walk away from their homes not knowing they have options.

Short Sale

The good news is banks and the federal government have implemented programs to help reduce the inventory of foreclosures, and more homeowners are becoming aware of short sales as an option. Of all the distressed properties on the market, 69 percent of those are short sales.

A short sale can be far less damaging to your credit and allows you to purchase a home again years sooner than a foreclosure.

Many homeowners are not aware it is the bank paying all the Realtor fees, not the homeowner. In most cases, the bank or buyer pays all the title fees, taxes, etc., with the seller (the homeowner) not having to pay any closing costs at all.

The government’s new Home Affordable Foreclosure Alternative program was introduced in April 2010 to help homeowners short sale their homes instead of going through a foreclosure. If eligible, you can not only get pre-approved for a short sale, but also may receive $3,000 as an incentive to avoid foreclosure by pursuing a short sale or deed-in-lieu.

Even if you already have a foreclosure date set, it may not be too late. In most cases, a foreclosure will be postponed when a short sale package is submitted. This allows you to stay in your home months longer while the short sale is negotiated.

Deed-In-Lieu

If a short sale is not the best option for you, a deed-in-lieu may be negotiated with your lender. This option means the bank accepts the deed of your home instead of (in lieu of) foreclosure.

For more information on foreclosures and short sales, visit www.ArizonaShortSaleToday.com.

You also can contact me today for a confidential consultation. Call my cell at (602) 571-6799, or send an e-mail to Lorraine@ArizonaShortSaleToday.com.

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