Living in these troubled economical times are a big challenge. You’re lucky to even have a decent job that gives you enough to get by. How in the world are you going to be able to afford your mortgage and other items you need to live the American dream in this recession? When times are tough such as these and you are behind on your payments while facing bankruptcy, there is one thing you can do. The answer to your problem is a Phoenix short sale.
A Phoenix short sale is when the lender is permitted by the lender to sell his or her home for less than what they owe on it (outstanding balance). Of course, for this to happen, the lender (often times the bank or any other financial institution) MUST give the consent to do this. The harder your financial situation is, the more likely you will qualify for a short sale. Most often, you have to prove to the lender that your financial situation is bad enough that you cannot pay your debts or deficiencies. In this case, you will most likely be granted a short sale. If this is you, then I would strongly recommend you choose a short sale.
One of the main purposes of a Phoenix short sale is to keep you from filing for bankruptcy. It doesn’t take a rocket scientist to understand the consequences of going bankrupt are. Your credit score will damage your ability to ever receive a Mortgage for future purposes. It’s also demoralizing to foreclose your home and property. A short sale will hurt your credit, but it is a lot better than going bankrupt. Even though there is a lot of paperwork to deal with for the application to a short sale, the benefits greatly outweigh the time and effort to fill it out. Your application will have to go through several hoops which also means that you may have to wait a while, typically 2-4 months.
For More Information See www.listthesale.com