When your home is close to foreclosure, you find yourself between a rock and a hard spot. There are no easy solutions to these types of tough financial situations. In fact, there are few things more disheartening for an American family than to have their home foreclosed. What most Americans in this situation do not know is that there is a way to avoid this situation without winning a multi-million dollar lottery. The solution? An Arizona short sale.
In the simplest terms, a short sale is better than a foreclosure. It does not hurt your credit as badly and does not diminish your future buying power. But let’s take a closer look at the basics of an Arizona short sale.
An Arizona short sale is the process of selling your home or property for an amount less than what you owe the lender. The short sale must be agreed upon by the owner, buyer, and lender before the process in complete. It is important to maintain your credit throughout this process so that the lender and buyer know that you are trustworthy and reliable.
The first step to take in a short sale is to schedule a time to meet with a professional in the business. These professionals can help you through the application process, which can take up to four months. While the length of the process can seem daunting, you can still live in your house mortgage-free during this time. This is an optimum time to pay off any other outstanding debts and gives you a chance to get back on your feet. Take this rent-free period as a time to get your finances in order so that you do not have to face this reality again in the future.
When the Arizona short sale is complete, you can breathe easy knowing that some of your financial burdens have been lifted. If you are feeling the heat of foreclosure, it could be time to look into this creative financial option.