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$4,500 To Short Sale Your Phoenix Home? Really? YES!

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Things are tight. You are unemployed or underemployed, like so many other Phoenix homeowners, a victim of the struggling economy, dwindling property values and negative equity. You have tried to keep up with your financial obligations: car, 1st mortgage, 2nd mortgage maybe even third, COX, SRP, SW Gas, Water - Sewer - Trash, co pays and prescriptions and lets not forget food. There just isn't enough money to go around. As if that wasn't enough, there was a knock at the door. … [Read more...]

Banks Pay Delinquent Homeowners To Avoid Foreclosure

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Imagine for a moment you are behind on your mortgage. Like so many others, you simply bought at the wrong time, became unemployed or under-employed, got sick, a disability, divorced or any combination thereof. It's been 5 months [or more] and you just can't catch up. You tried - started by cutting the premium cable channels, then it was the home phone, pool guy, internet, pretty much any luxury you used to enjoy - still, you can't catch up. You Did Everything You Could You … [Read more...]

Considering a Short Sale in Arizona? What You Should Know

Short Sale.  Short Sale. Short Sale.  I remember when the buzz words to describe real estate were Location. Location. Location.  Maybe that's why so many Arizona homeowners find themselves in trouble. First of all-Congratulations.  You have taken the 1st step (but most likely the 300th)  to inquire what options are "out there" for you.  How do I know?  You wouldn't have found this post if you weren't looking for more information about short sale. You probably already know … [Read more...]

The 5 Most Dangerous Questions a Short Sale Realtor Can Answer-Arizona

Thomson Conant, one of the top law firms in Phoenix, Arizona has been by the side of struggling homeowners since the housing crisis began.  Part of their commitment is to keep Realtors advised and educated as to changes in short sales.  The below article is from Doug Farnham of Thomson Conant. The stress of parting with a home can make even the most reasonable person become difficult to communicate with.  Realtors need to be particularly cautious when answering questions … [Read more...]

Is It OK To Pay A 2nd Mortgage Outside Of Escrow To Close A Short Sale?

Over the last few months I have noticed a disturbing trend- In a short sale transaction, the 2nd mortgage or junior lien asking for money funds outside of escrow.  That's not what's disturbing though, the 2nd mortgage has every right to ask for money,-your short seller owes it to them.  What is disturbing is the number of agents that I have talked to that say "Hey Stephen, I really want to work with you but right now I am working with another title officer that will help me … [Read more...]

Short Sales Exposed-Insiders Tell All

What if? What if a forward thinking company sponsored a short sale event.  A short sale event that featured industry professionals legends like Steve Chader of Keller Williams Integrity First, John Foltz, Designated Broker of Realty Executives, Jim Sexton of John Hall & Associates, Duane Fouts of Homesmart, Michelle Lind-General Council for AAR, and capped it off with one of the valley premier law firms-Thomson Conant. What if 800 Phoenix area REALTOR's came … [Read more...]

Short Sale Legislation To Take Effect in April 2010

"A short sale is a sale of real estate in which the sale proceeds fall short of the balance owed on the loan. It usually happens when a seller cannot pay the mortgage on their property, but the lender decides that selling the property at a loss is better than foreclosure. Both parties then consent to the short sale process, because it allows them to avoid foreclosure, which usually involves high fees for the bank and a poor credit report rating for the borrowers. This … [Read more...]

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