A foreclosure short sale program is the one in which your current property with a mortgage at a mortgage company is sold for a rate which is less that what you currently owe to the lender. The foreclosure short sale program is going to be a great option for all those property owners that want to keep their credit report fairly clean to avoid any future problems with it. A foreclosure short sale in Phoenix, Arizona is meant to be used by any home owners who find themselves without any other option besides foreclosure.
With a foreclosure short sale home owners can get relief from their mortgage debt and can then go on to have a fresh start. Furthermore, you would not face any trouble trying to get credit from any other lender, but you would if you went to foreclosure. Foreclosure short sale is a better option than a foreclosure because it does not ruin your credit report, where as a foreclosure can stay in the credit report for at least a minimum of ten years.
The foreclosure short sale process:
· You need to contact your lender in Phoenix, AZ and also get help from a foreclosure short sale expert to let them know that you are interested in the foreclosure short sale of your property
· For a foreclosure short sale, you will need to write a letter to the buyer giving the information on your property and the loan on that property. This letter needs to be accurate in its information so as not to inflate the price of your property
· You lend will want to know what the reason is that you need to use the foreclosure short sale process. So, in most cases, the bank requires a hardship letter from you, that will help in explaining the reasons in your argument for needing to use the foreclosure short sale process. Your lender will also want a lot of information like bank statements, pay stubs and other documents needed to understand your reasoning for foreclosure short sale.
· The lender will then look at the letter with the details about the foreclosure short sale are provided and also the rate which has been proposed for the sale of the property.
· With the help of a broker, your lender will then decide the best rate at which the property can be sold to a buyer.
· To ensure that everything is the way it should be, the lender will take one last look at the agreement that has been made after the sale and the payment.
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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