There are numerous rumors and ideas in Phoenix, Arizona as to how you can effectively stop foreclosure sale. Some people will tell you to declare bankruptcy in order to stop foreclosure sale, but this is only effect in some states. Also, the states that allow you to stop foreclosure sale with bankruptcy filing don’t give you the full truth as this will often times only delay the time that you may lose you home. Other experts out there cling to the belief that clever legal tactics can stop foreclosure sale, but once again, this is just a delay to the inevitable sale of your home. The truth is, as soon as the bank has foreclosed on your home, it is not your home anymore. There are certainly ways to regain possession, but foreclosure means that a judge has already ruled the property now belongs to the lender.
If you were to elect the bankruptcy route to keep your home, there is a possibility that you can have your loan considered for repayment in Phoenix, AZ. Then you and the lender would agree to a new payment schedule. Obviously, bankruptcy has some seriously negative consequences though. Your credit and ability to buy or do many things in life will be tarnished for at least seven years. Generally, bankruptcy should be a last resort. And we assure you, it is not the best option, nor is it even a good option to consider.
If your home has been foreclosed on, there are still options available to you to stop foreclosure sale. However, to stop foreclosure sale is a very difficult thing to do. Essentially, the power to stop foreclosure sale is in the hands of the lender or in some rare cases, a judge.
Basically, what we are trying to impress on you is that you do not want to be in a position to have to stop foreclosure sale. The key is to find a solution before you every have to figure out how to stop foreclosure sale. Foreclosure, or impending foreclosure, is often the result of your inability to pay the lender. So, chances are, without your aunt passing away leaving you a large sum of money or winning the lottery, you will not be able to make the loan current to stop foreclosure and in turn, stop foreclosure sale.
So, quite simply, there is one quality option available to you to stop foreclosure sale. Do not allow the lender to foreclose. How can you do that when you can’t pay the lender? Find someone who is knowledgeable in short sales. The short sale is the SINGLE BEST OPTION available to you.
In a nutshell, a short sale is when you, as the home owner, put your house up for sale at a price for less than the value of the loan. Next, find a buyer at the lesser price. Then, the real estate expert works with you and the lender to convince the lender to take the lesser amount and forgive the remainder of the loan.
Why would the lender take a lesser amount and forgive the remainder of the loan? Because, lenders understand the economics of the situation. They realize that if they foreclose on the home, they will incur more cost and also get a lower price when they sell the home at foreclosure. So, it is in their best interest to take the offer that you are extending to them.
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
No comments:
Post a Comment