There are many options that we need to discuss. Foreclosure is not one of them. If you are unable to make your mortgage payment, we need to get you into a loan modification program, or we need to short sale your home. A foreclosure only occurs when the homeowner gives up and leaves the property behind. There is some paperwork involved when doing a loan modification, or conducting a short sale. The only time a foreclosure occurs is when the owner of the home is unwilling to cooperate. There are several advantages on short selling your home versus letting it go into foreclosure. With a short sale, generally you can stay in your home longer while we gather offers and deliver them to the bank. Since the banks are so backed up, this process can take up to a year. However, I must disclose that is not always the case. In some instances, the bank responds rather quickly and the process can take just a few months. It all depends on which bank is carrying your mortgage, if you have a second mortgage or a home equity line of credit (HELOC) and how long you have not been making your payments for.
Unfortunately, a bank will not consider a short sale if you are current on your mortgage payments. If you can afford to make your mortgage payments, and decide that you just want to short sale the home because you feel it is a bad investment, they will not approve a short sale. In order for a short sale to be considered by your mortgage company, you have to stop making your mortgage payments which will certainly negatively impact your credit rating.
The difference between a short sale and a foreclosure is huge on your credit rating. A foreclosure will have a negative impact on your credit rating for over 7 years; where as a short sale will not be as much of an issue on your credit rating in 3 to 4 years. When you do a short sale, your credit rating will not be as negatively impacted as a foreclosure would be.
A short sale is the more responsible choice. A short sale allows me to get the highest and best price for the home, and deliver that contract to the bank. If you let the home go into foreclosure, it will be auctioned off. The bank receives more money with a short sale versus an auction. If you let your home go into foreclosure, you are letting your neighborhood down by not getting the highest and best price possible for the bank. Just one foreclosure in a neighborhood can drag down the market value of all the homes in that subdivision.
If you have lost your job, have had a change in your income and simply cannot make the payments on your mortgage for whatever reason, you first step is to contact me and I will guide you through this trying time in your life. You have no idea how many people are in your position. I promise you, you are not alone and there is light at the end of the tunnel. Do not let this eat you up; do not let this keep you up at night. Keep working as hard as you can, do what you normally do and just let go. The things you own will end up owning you if you are not careful. A man is not judged by the size of his wallet, and there is no shame in having short sale your home and move into a nice rental for a few years until your credit is repaired properly. I have credit repair specialists standing by ready to help you get back on track. People move every day, I help people buy, sell, and lease property every single day of my life. I will help you no matter what your situation is.
I specialize in the following Scottsdale and Paradise Valley Communities:
DC Ranch, Silver Leaf, Troon, McCormick Ranch, McDowell Mountain Ranch, Grayhawk, Legend Trail, Ancala, Desert Mountain, Vaquero, Enclave, Arroyo Vista, Oasis, Lakeview, Pavillions, Sunset Cove, Golf Villas, The Greens, The Legend, Verrado, Desert Ridge and the Scottsdale Kierland area
Camelback Country Club Estates, Camelback Country Estates, Camelback Foothills, Camelback Lands, Camelhead Estates, Casa Blanca, Cheney Place Cinco Soles, Clearwater Hills, Colonia Miramonte, Cypress Creek, Desert Vista Estates, Doubletree Estates, El Dorado Estates, Finisterre, Jokake Camelback Properties, Judson, La Place Du Sommet, Las Brisas, Lincoln heights, Martingale Farms, Merril Cantatierra, Montana De Bonitas Casas, Mountain View Estates, Mummy Mountain Park, Palo Verde Foothills, Paradise Canyon Foothills, Paradise Hills, Paradise Mansion Estates, Paradise Valley Estates, Paradise Valley Vistas, Sanctuary, Stone Canyon, Sunburst Farms, Tatum Canyon, Tatum Canyon Estates, Val Vista, El Maro