Donte Mazyck has been helping homeowners avoid foreclosure by doing short sales on their house and making solid offers to the owners and their lender. To find out more about the process go to Short Sales or if you have your mind made up and want to start the process to avoid foreclosure you can go to Sell my Phoenix house Fast! You can also call us toll free at 888-219-8619.
Due to the relaxed lending practices homeowners are finding that their home might not have the equity needed to sell their house this is all to often the case in Phoenix Az as well. Those homeowners need a solution to their rigorous problem and that solution is a short sale. Sellers across the country are using short sales to avoid foreclosure on their over financed house.
A short sale is when the homeowners lender will agree to take less than the homeowner owes on their house to keep the house to avoid foreclosure. Short sales are becoming very popular since homes have little to no equity and there are alot of those homes in Phoenix. A few years ago homeowners had their backs against the wall and had the ride the foreclosure all the way to end the court house steps because they had no other options.
Lenders are very likely to accept a short sale when a homeowner is behind on payments but there are cases when lenders will agree to a short sale if the owner can prove they are about to lose control of their financial situation. The condition of the Phoenix housing market will make it easier for a lender to agree. To qualify for a short sale the owner has to insolvent and show the lenders a financial snapshot of their income vs. debt.
One word of advice is to act fast when you first notice that thing might get out of hand, the worst thing you can do is wait until the last minute to contact your lender about your over financed house. Short sales can take up to 6 months to complete from start to finish, so if you start early your lender might be willing to postpone the foreclosure to avoid the hassle of taking your home back.
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