There are many families in Phoenix, AZ that are finding themselves in a financial hardship and in serious danger of losing their house to foreclosure. The bad news is increasing everywhere. Unemployment is on the rise in Phoenix, Arizona. Property values are falling. Foreclosures are up. On time payments are down. It all seems to be going wrong. So, what can you do to find foreclosure help.
With respect to losing your home, you need to know where you can get foreclosure help, and what options are available to you. Your mortgage lender will not tell you about the thirty or more options available to give you foreclosure help and keep your home. However, they are willing to work with you if you know what your options for foreclosure help are.
Some estimates state that more than 90 percent of people that are facing foreclosure could avoid it if they just know where to find foreclosure help. Hence, it is fundamentally important that you know the foreclosure help options available to you.
Here are just a few foreclosure help options to consider:
Forbearance agreement for foreclosure help – a great option for those that are near the end of their financial troubles (which is not many of you) It lets you get your mortgage current with a payment plan
Deed in Lieu for Foreclosure – If you won’t be able to catch up on your payments, this foreclosure help option can be good for you. It is better for you credit score than foreclosure and the bank likes it because it saves them money.
Short Sale – Using the short sale as foreclosure help REALLY HELPS. For those that are in a tough situation and can not afford the home they live in, the short sale is the best option for the bank and the home owner. With a short sale as foreclosure help, you can find a real estate expert that deals in short sales (there are not many around that are experts at it) and have them put your house on the real estate market. Wait for an offer (there will be offers, because investors are gobbling up short sale homes quickly) Then take the offer to the bank with the idea that they should accept the offer, despite the fact that it is not enough to pay off your mortgage. You also want them to forgive the remaining balance of the loan. THAT’S RIGHT, they will forgive the remaining balance. Lenders do this because they want to avoid foreclosure just as much as you do. You need to understand what they already know. The offer that you bring them will almost certainly be more than the money they get from selling your house at foreclosure sale. With the legal hassle and fees that come along with foreclosure, banks also understand the cost savings of agreeing to use a short sale as foreclosure help.
These are just a few of the foreclosure help options available to you. The short sale is definitely the best option for most people. However, many just don’t know about it. Contact a real estate expert today regarding the use of a short sale as foreclosure help.
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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