I’m sure that we are all keenly aware of the economic crisis and abundance of people trying to avoid foreclosure in in Queen Creek, AZ. It certainly doesn’t take a degree in economics or a friend at the bank to see the wave of impending foreclosures and the home owners looking to avoid foreclosure. One of the big problems facing home owners is that they are not familiar with the several options that are available to them in their quest to avoid foreclosure. Each circumstance will find its own option that is right to help avoid foreclosure. So, weigh each of the options available to you and search out the one that will best help you avoid foreclosure.
Speaking in general terms, there are two options that seem to be the strongest positive choices to avoid foreclosure. If you find that your financial problems are short term (ie you are temporarily without a job or current economic situations have created lower pay for the job that you do) you can avoid foreclosure by working with your mortgage lender directly to find a better play for repayment of your mortgage that works for both you and the lending institution. Often times, your lending institution will be more than happy to help you avoid foreclosure by finding a concrete plan that gives a detailed account of how you plan to bring your mortgage current. Ultimately, the banks interest is, simply and honestly, money. So, if there is a solid plan to get that money they desire, they will often times agree to it.
The first step to getting the lending institution in Queen Creek, Arizona to help set up a new payment plan is to CONTACT them. Let them know that you want to avoid foreclosure. The lenders are not new to foreclosures. So, while this may be your first time trying to avoid foreclosure, they have dealt with many others in your shoes before. They will have a plan as to what can or will need to be done to rectify your current financial hardship. The plan will help you get back to a current on your mortgage.
The second option, and the one that is probably best for someone that is upside down in their mortgage (an upside down mortgage is a mortgage that is worth more than the home that it was borrowed against) is the short sale. A short sale helps the home owner avoid foreclosure and gives the bank a best case scenario too. With a short sale the home owner, with the upside down mortgage, finds a buyer for their home. Then, the home owner shows the bank that the home can not sell for the full value needed to repay the loan. Because the bank understands that the home will not sell for a higher price at foreclosure, the bank is more likely to accept the offer and “get what they can get.”
Do you have questions? Read the Short sale FAQs.
Are you a Realtor? Then get free short sale training by Kevin and Fred at Free Realtor Training on ShortSalePower.com
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