You might be wondering what Arizona short sales are. Let me enlighten you with this basic definition. It is the process of selling your property for an amount less than what is owed to the lender. This can be done only by the consent of your lender. Often times, lenders will approveArizona short sales because in order to complete a foreclosure and take property back, the lender has to incur expenses such as attorney fees, court fees, and the lack of income from your monthly payments.
Arizona short sales are less expensive than the typical process of a foreclosure. This way, the lender will cut costs and eventually save more money at the end. The process of foreclosing a home or piece of property could take up to 4 months to complete which could take up a lot of your valuable time.
The primary reason this process is used is to prevent foreclosure. An Arizona homeowner can qualify for an Arizona short sale when their property is worth less than their outstanding debt, if he or she is going through financial hardships, or if they are falling behind on their payments. If you feel like you need some help, don’t hesitate to see your nearest representative today!
There are many benefits that one can inherit from Arizona short sales, and they are the following: no costs to you nor the seller, you can stay in your home through closing, reduced tax liability, you can salvage your credit, and the lender may forgive outstanding Mortgage deficiency.