The process of selling your property for an amount less than what you owe your financial institution is an Arizona short sales. They come in handy for whenever you are struggling with keeping up with your mortgage payments, or are close to filing for bankruptcy. Arizona short sales can help you avoid such a situation. The seller, buyer, and lender must all agree to the proposed plan of action of the transaction however.
Lenders will approve short sales because they want to earn back at least some of the money that had given to those they lent out money to, but couldn’t pay back. In order to complete a foreclosure, the lender has to incur expenses such as attorney fees, court fees, and they suffer the lack of payments from their debtors who couldn’t pay them back. Arizona Short sales can benefit all parties involved and is becoming to be a popular way of selling and buying a home.
One of the most prominent reasons in selecting to opt for an Arizona short sales is to prevent foreclosure. Declaring bankruptcy is not only damaging, but it’s unnecessary. A short sale is also less expensive than the typical process of a foreclosure. Any homeowner can qualify for Arizona short sales when his or her property is worth less than what they owe, when they are going through any financial hardships, or if they are falling behind on their mortgage payments. A representative is here for you if you fall under this category.
The benefits one can receive from opting to go with an Arizona short sales are: no costs to you nor the seller, you can stay in your home through the closing, you have reduced tax liability, you can salvage your credit, and the lender may forgive outstanding Mortgage deficiency.