Scores of people in Mesa, Arizona area are struggling with paying their mortgages. With unemployment rising and mortgage payments increasing because of ARM’s, home owners are searching for options to help them out of potentially crushing financial situations.
There are many options available to home owners facing crisis. However, some are definitely better than others.
We believe that the best option is short selling your home in Mesa, AZ. Short selling means that you are going to sell your house for less than is currently owed on the mortgage. As the housing market continues to struggle, property values keep tumbling downward. All to many Americans are paying for either a house they can not afford or paying a mortgage that is worth far more than the value of the home. If a home owner needs to get relief from their mortgage and can not sell their house for enough to pay off the mortgage, short selling is a great option.
With short selling, a home owner may still be required to make up the difference between the selling price and the mortgage pay off. The best case scenario, and one that is becoming more common, is that the lender will forgive the remaining balance. Without the forgiveness of the lender, a mark can be placed on your credit.
The other option, in lieu of short selling, is to face foreclosure. Clearly, just the word foreclosure brings about a negative aura. Foreclosure can severely tarnish your credit. With a foreclosure, your credit score can be hurt for ten years or longer. However, with the short selling process, your credit, if affected at all, will only be slightly damaged for as little as two years.
Short selling your home can give you the opportunity to get back on track financially in a relatively short period of time. Short selling your home gives you relief from a mortgage that you can not or do not want to pay. In a very short period of time, you can find yourself back in a home, paying a mortgage that is relative to the current market, both in payment terms and in housing market value.
Wouldn’t it be nice to pay a mortgage that is of a comparable value to your home’s value? With the short selling of your home, you will find yourself in that position fairly quickly.
Heed one word of advice with respect to using the short selling technique. Find a real estate agent that has experience in the short selling process. A real estate expert that can facilitate the short selling of your home brings infinite benefits to you as a home owner. Furthermore, because the lender must approve of the short selling of your home, a real estate expert can give you a better chance of getting approved. The loss mitigation department at your lender, which will approve or disapprove of short selling your home, will appreciate being able to work with an expert that understands the short selling process.
Short selling your home will be better for you credit, your future as a home owner, and your life in general as it eases the stress of dealing with this difficult situation. Look into it as soon as you can. Time is of the essence.
For more information regarding short sales go to: http://short-sale-arizona.info/
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