If you find yourself being one of the millions of people that are in search of foreclosure help, you need to fully understand the situation that you and your lender are in. There are numerous rumors in Scottsdale, Arizona about the banks intentions with regards to foreclosure of your home. Among the most common myths, one that is completely incorrect, is that the bank wants your home. The truth of the matter is, the bank wants to give you foreclosure help. Why? Simply stated, the bank is in the business of money, not in the business of real estate.
There goal, as it was when they first agreed to lend you money, is to recoup that money WITH INTEREST. So, foreclosure help is something that the bank is interested in also. Unfortunately, they do not have the resources to help you find foreclosure help. Choosing to ignore the bank is certainly the furthest you can get from finding foreclosure help.
Another commonly mentioned notion is that the bank in Scottsdale, AZ will not take your money after a certain amount of time will pass. Yet again, the bank wants you to get foreclosure help, but they also want your money. While they would prefer that you pay one lump sum to bring your loan current, there are several noted situations where they can offer you foreclosure help by modifying your loan terms to make payments more suitable for you current financial situation. However, if they feel that it is in their best interest to not give you foreclosure help, and simply foreclose on your property, they understand that they can recoup money by selling your house after foreclosure.
Some people think that the best foreclosure help is to file for bankruptcy. While this can offer some foreclosure help, it generally only freezes the foreclosure process for a period of time. During that time you can search out another means of foreclosure help.
Perhaps the best foreclosure help available to you is the short sale. With a short sale, you get foreclosure help by avoiding foreclosure all together. In the short sale process, you place your home on the market and get an offer in hand. Then, with offer in hand, you go to the bank and explain to them that the home is only worth the price of the offer. Since the value of homes has dramatically decreased over the past several months, chances are that the new offer will not cover the existing loan balance. However, the bank will be inclined to accept the offer and forgive your remainder of the balance because they understand that they will not get nearly as much money if the have to foreclose on the home and sell it in foreclosure.
The short sale is the best option available to anyone that is looking for foreclosure help. It gives the bank the most of what they want, money. Also, it keeps you from having to go through foreclosure.
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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