With the abundance of horror stories surrounding Loss Mitigation Departments in Phoenix, Arizona and their inability to keep up with an insane number of requests from defaulting customers, there has to be another way of loss mitigation that can avoid the lender completely.
We truly have an option for loss mitigation that can lead you aware from those horror stories and to a place that will, in the end, result in a better outcome to your current financial situation.
*** Editor’s note: It is important that your banks loss mitigation Department knows about your financial troubles. We are not suggesting through the process described below that you stop speaking to your bank or lender. We are merely suggesting that you find a way to avoid foreclosure by means of another process. The bank and its loss mitigation department will still be involved. However, through the process below, you can remove much of the work from their already full plates.
One of the most successful means of loss mitigation in Phoenix, AZ in recent months has been the short sale of your home. With the help of a real estate agent familiar with the short sale process, the loss mitigation department can play a smaller, but still important role in getting you out of your current mortgage problems.
With the short sale as a means of loss mitigation, a real estate expert will help you avoid foreclosure and he or she will help the bank trim their losses, which is exactly what the loss mitigation department does.
Short sales as a means of loss mitigation are prevalent with home owners that find themselves in the following situations…
-unable to pay their mortgage for a variety of reasons, most commonly loss of job or higher payments because of Adjustable Rate Mortgages
-home owners in upside down mortgages
How does a short sale work?
-you, as the home owner in search of loss mitigation, find a real estate expert to help you with the short sale of your home
-the real estate expert lists your home on the market and finds a buyer that will probably make an offer that is not enough to pay off the mortgage (Bear in mind that you are not searching for a low offer, but with falling home values, it is almost a certainty that the offer will be less than the payoff amount of the mortgage)
-the real estate expert and the home owner contact the loss mitigation department and notify them that they would like to execute the short sale of the home.
-the loss mitigation department, in an effort to cut their losses (which is what they are designed to do) will accept the lower offer as payment in full and forgive the remainder of the balance due on the mortgage.
The benefits of this process are too numerous to mention. It is strongly recommended that you look into this process with a qualified real estate expert that deals with short sales.
Loss mitigation help is in high demand during these trying times. Lenders have departments to handle loss mitigation, but they are overwhelmed. We strongly suggest that you contact a real estate expert regarding the short sale of your home today.
Do you have questions? Read the Short sale FAQs.
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 ShortSalePowerhour.com
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