FAQ

If you are an Arizona resident, then you are aware that we are facing a distressed real estate market. Home values are still decreasing while lender turn downs for modifications are on the rise. Struggling home owners and banks have come to the conclusion, that the Short Sell of a property is the proper treatment when faced with a “Financial Hardship”.

Short Sale: A short sale is an essential process when the homeowner is unable pay the full balance owed on their mortgage. The difference on the value of the home and debt owed on the property is negotiated through the sale of real estate. The loss on the difference owed is incurred by the lender, allowing the borrower to walk away from the property avoiding foreclosure and deteriorating credit scores. 

 
Short Sale Pros

• Avoid Foreclosure! This could be the biggest plus to a short sale. A foreclosure can be very stressful and the huge affect on your credit can be avoided.
• Qualifying for a new mortgage is much quicker than with a foreclosure on your record.
• You are more likely to avoid bankruptcy.

Short Sale Cons

• While there is still some damage to your credit, it does not have the same impact as a foreclosure.
• Your loan does not have to be in default for to be approved for a short sale.
• You must show proof that you are unable to pay your mortgage (Financial Hardship).