A mortgage short sale program in Phoenix, Arizona is a service offered to many homeowners of the Phoenix Arizona area who are not able to make the payments on their mortgage with their current lender. The home owner wants to stop or avoid foreclosure. Mortgage short sale program essentially means selling your current property, which you have a loan for, to a seller at a lower price than the amount that would pay off your mortgage. The mortgage short sale has been proven to be very helpful for the homeowners who want to keep from doing major damage to their credit.
Some Features of the MORTGAGE SHORT SALE Program:
1. The mortgage short sale provide relief to all the homeowners in Phoenix, AZ who are in a difficult financial situation.
2. Mortgage short sale is a quick solution to avoiding foreclosure proceedings.
3. The home owner using a mortgage short sale can get bank on their feet in a shorter time period.
Benefits of a MORTGAGE SHORT SALE are:
· You have the ability to get loans from a bank or lender sooner if there is not a foreclosure on your credit record
· The mortgage short sale relieves you of debt and your mortgage would be settled with a smaller amount that if you ran the course of the payments.
· The buyer will get a good deal on your home that is probably in move in condition.
MORTGAGE SHORT SALE Process for Property Owners:
· Contact your lending institution to get the rules and guidelines of a mortgage short sale. We recommend that you find a real estate agent that has experience in dealing with a mortgage short sale.
· Your real estate agent can help you provide the bank with all of the necessary documents needed to execute a mortgage short sale.
· The lender will look at the documentation that specifies the proposed offer for sale of the property, current loan amount with your lender including overdue payments and fees, your real estate agents commission and fees that is taking care of the mortgage short sale.
· The home owner will need to write a hardship letter to the lender noting the reasons the need to execute a mortgage short sale in your situation. Along with your hardship letter you should also include the following; current and past bank statements, income documents such as pay stubs and the like to show the bank that you need to use the mortgage short sale program and that you can not make the mortgage payments.
· Your lender will probably negotiate on the sale price of your home with the real estate agent that you have chosen and finalize the purchase agreement that will be compared to the property value according to the markets current status.
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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