Queen Creek, Arizona Short Sale

The bank short sale is one option that lenders in Tempe, AZ are willing to offer to certain home owners that need help keeping their home from succumbing to foreclosure. Even thought the process is a bit difficult to maneuver through, the bank short sale can offer people struggling to pay the mortgage a much needed break from the financial burden of owning their own home and the responsibility that goes with it.

Bank short sale homes and properties come in a variety of different price ranges and sizes. People who utilize the bank short sale come from different backgrounds and situations that lead them to need a bank short sale. Mortgage lenders have the ability to give the bank short sale option to single family residences, condo dwellers, and even those struggling with their commercial real estate or bare and vacant land. When borrowers can not keep up with their mortgage payments and can not find the financial windfall or means to get back to current on their mortgages , the bank short sale becomes a valuable tool that lenders might offer to property owners.

The bank short sale requires the bank or mortgage lenders approval. The bank short sale is usually handle by a banks loss mitigation department in Tempe, Arizona, as they have the most experience with a bank short sale. The bank short sale means that the home owner sells the property for less than the current mortgage loan is worth.

In most cases, a lender requires that a bank short sale is taken care of by a licensed retailer. In some rare occasions the bank will allow the home owner to hand the bank short sale by themselves. Usually, the bank short sale has to sell within a certain period of time that is set aside by the bank.

Not all banks prefer to use the bank short sale as a means to cope with this financial situation. Those that do allow the use of a bank short sale usually have very stringent rules that must be followed through each step of the process. If the home owner doesn’t follow these rules, foreclosure can be imminent.

Real estate experts agree that foreclosures cost banks an abundance of unneeded fees. By using the bank short sale, the bank can avoid these fees and recoup some of their losses. They also manage to avoid the legal fees and process that goes along with foreclosures.

For home owners facing foreclosure, a bank short sale can be the best option to a bad situation. While the borrower doesn’t get to keep their home, the bank short sale does help the home owner out of the financial burden. The bank short sale does have a small negative effect on a credit score, but doesn’t do nearly as much damage as a foreclosure does.

As soon as a lender allows a bank short sale, the borrower must give the lender information about tax returns, and a bank short sale hardship letter. This letter, for bank short sale hardship, is very important because it tells the lender why the home owner can not make payments.

For more videos on short sales check out Kevin and Fred on the Short Sale Power Hour. Video for Short Sale Specialists.

From the Sciencedaily.com website, August 2009: The nation’s home foreclosure epidemic may be taking its toll on Americans’ health as well as their wallets. Nearly half of people studied while undergoing foreclosure reported depressive symptoms, and 37 percent met screening criteria for major depression, according to new University of Pennsylvania School of Medicine research …. Many also reported an inability to afford prescription drugs, and skipping meals. The authors say their findings should serve as a call for policy makers to tie health interventions into their response to the nation’s ongoing housing crisis.

This study follows the pattern of typical studies ginned up to encourage more government intervention into people’s lives. The pattern is usually as follows: find a problem that most people recognize as a problem, find some casualties, suggest that some kind of new program will reduce the casualties, advocate the creation and funding of the new program. Stir and repeat.

As everyone knows, going through hard times, such as foreclosure or the loss of a job or spouse, cause some people to feel bad. In this case, the bad feelings are identified as depression–sometimes minor, sometimes major. But note the ginning up of the statistics. This study reports that less than half the study participants reported ‘depressive symptoms.’ What are depressive symptoms? For the purpose of studies such as this a depressive symptom could be something as simple as checking off a box on a questionnaire that asks if you feel bad. Truly, simple as that. If you feel bad after receiving a foreclosure notice you demonstrate a depressive symptom.

Actually, come to think of it, who doesn’t show a depressive symptom after receiving a foreclosure notice? It is an odd person indeed who doesn’t show at least some signs of depression after receiving a foreclosure notice. Which raises another question: How in the world did less than half the participants in this study NOT show depressive symptoms after receiving a foreclosure notice. Is this study trying to imply that most people are so dense that even a threat to their homes doesn’t get them to notice and react?

The next step, after getting a warning foreclosure notice and reacting by feeling bad (or not reacting, which most people in this study seem to do) is action. This study found that people who show depressive symptoms tend not to be able to afford prescription drugs and tend to skip meals. We’ll leave the meals aside for a moment, since we have no baseline data. Are people who receive foreclosure notices over- or underweight? Is the loss of a meal good or bad for their health? Is there a correlation between obesity and foreclosure? We don’t know and won’t speculate here. Let’s just say that skipping a meal or two or three is not a serious issue for most Americans. Until proven otherwise, the inclusion of the loss of meals in this study seems trivial and/or unnecessary.

Prescription drugs. Is it any wonder that people in an economic crisis such as foreclosure tend not afford or choose not to afford prescription drugs? If they can’t afford the roof over their heads is it likely they’ll have spare change to afford prescription drugs? Two things can be said about the affordability of prescription drugs.

One, many, if not most, prescription drug manufacturers have programs to make their drugs available at low or no cost for people in economic tough straits. All a person in economic trouble need do is apply to the manufacturer’s program. Manufacturers are very willing to ride in on a white horse and help people in trouble. In fact, it makes a lot of sense to apply to these programs because they very often make the drugs available for free. That kind of makes it better for people to be poor than to be average economically. The poor often get for free from manufacturers something that can cost the average person quite a bit.

Two, more and more studies have been published recently which indicate that most prescription medications for depression don’t work. They do not do much better than placebos (sugar pills). There has been quite a bit of debate recently about the effectiveness of prescription depression medication, so not exposing more people to them might be a very good thing. Over-the-counter medication, alternative medications (such as herbal and ayurvedic) may work just as well as those expensive prescription drugs. This question is up in the air at this period of time. So encouraging something that might do more harm than help (at the very least, might do more economic harm to the buyer in foreclosure tough times) is questionable medicine.

Of course, the linked article suggests new, expansive, expensive government-funded programs to ’solve’ this problem–the problem of cheering up the fewer than fifty percent of the population going through foreclosure who feel bad. There is zero evidence that programs such as the kind of thing recommended in the linked article work. There is zero evidence that people want this kind of government-sponsored intervention in their lives, especially during weak moments. There is no evidence how much such programs cost and how much they will add to the tax burden, thus causing even more people to be unable to afford housing because their money is being siphoned off for these unproven but sure to be elaborate and expensive programs.

Suggestion: be wary of advocates of expensive new programs that attempt to treat problems that people have dealt with for centuries in the past bt their own means. Some people want to take away your liberty to line their pockets in the guise of ‘doing good.’

Noo Yawka has many blogs on many topics. This article fits the theme of his blog http://www.joblossrepair.info

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Watch Kevin and Fred, Short Sale Specialists, on the Short Sale Power Hour. Video for Short Sale Specialists.

It is sad but true. With the desperate economic times in Phoenix, Arizona, more Americans are losing their homes to foreclosure. Lenders are partially to blame with sub prime mortgages and adjustable rate mortgages. Also, there are many unforeseen circumstances that lead home owners to desperate times. Unemployment is a major factor in many foreclosures.
No matter what the reason is for a person falling behind on their mortgage payments, the focus from this point forward, the pre foreclosure period, need to be on finding a way to avoid foreclosure. Your lender in Phoenix, AZ may file a default notice, and when that happens, the foreclosure process has started. You are now officially in pre foreclosure.
Pre foreclosure is basically like a warning period. The property owner is put on notice that they are in default and should do something about it. The lender can not reclaim the property yet during the pre foreclosure period to sell it and get their money back. The length of the pre foreclosure period varies by state with some states granting as much as six months of pre foreclosure.
When you have entered pre foreclosure, there are numerous ways to avoid foreclosure of your home and watching it be sold by the lender.
You can pay off the default amount. If the home owner can some how scrounge up enough money to pay the missed payments, your home will be removed from pre foreclosure. Sometimes, a small disruption in your finances can cause you to miss a couple of payments. So, a small default payment might be manageable to you. However, with a larger default pay off, this option just won’t work for you.
Short sell the home. While this may seem like a drastic pre foreclosure option, during pre foreclosure you are just a few steps away from losing your home, your credit, and in turn, the ability to rent, get a loan, or buy a new home. So, the short sale of your home during the pre foreclosure period is the best option. By short selling the home during the pre foreclosure period, the bank can also come out better off than if the home is foreclosed on. The sale price that you will get from a short sale is more than likely a lot more than the lender will get if they sell the home at a foreclosure sale after the pre foreclosure period. The lender is in favor of you selling the home so that they do not have to take care of the property, put the property up for sale and then sell the property. Also, the lender would prefer to not deal with the legal hassles that come with foreclosure. So, during the pre foreclosure period, you should consider the short sale of your home.
The pre foreclosure period is usually a great time to find an investor or another buyer to purchase your home through the short sale process. You can make the most out of your already bad situation because you can sell the home to get out from under the mortgage that is currently burdening you.

Watch Kevin Kauffman and Fred Weaver of Group 46:10, Short Sale Specialists, on the daily Short Sale Power Hour.

We are setting out on day 2 with Trent Chapman and we’re astonished by the number of appearances Trent has had on shortsalepowerhour.com. We asked Trent to come back to talk about the Short Sale Genius Designation course. Everyone understands that we are not huge fans of designations. We have contributed on our own designation recently, but we stole that from Trent. Nevertheless, Trent has decided to do a real designation. The designation is for agents who work with troubled houses.

The designation is different from other designations. With other designations, you go to a lecture and take a test and receive your designation. With the Short Sale Genius designation, there are distinct levels based on how many short sales you have closed.

If you take the class you will get a general designation, but it will also document how many short sales you have closed. Trent merely figured that taking a class and passing a test didn’t make a person an expert. So, he decided to introduce a little bit of common sense and integrity into the method.

On an additional note, software is something that many other agents ask about. Trent offers software that is state of the art with features that assist the agent that is doing a couple transactions or hundreds. His software actually coaches you along in the short sale process. There are red flags that let you know if a folder is out of compliance or taking excessively long. There is also a feature that permits the property owner to log in and see the status of their folder. It was specifically created for short sales. Check out the theshortsalegenius.com

If you have questions, get your Short Sale questions answered by Short Sale Specialists.

Watch this and more short sale videos by Kevin and Fred at Short Sale Power Hour

Also, follow Group 46:10 on their blog at Tempe – Arizona Short Sale Specialist

Ten percent of all home owners in Phoenix, Arizona are currently facing foreclosure in the United Sates. Within the other ninety percent there exists a large group that will soon find themselves in the sale predicament. With unemployment on the rise and businesses failing on every street corner, many people can not afford to pay their mortgage payments on a monthly basis. The number of people missing mortgage payments on a monthly basis is astounding. So, how do you go about saving your home from impending foreclosure? There are some clever ways to go about doing this.
Here are a few ways to consider…

Short Sale Power Hour is happy to welcome Trent Chapman, Short Sale Genius, back to the episode. Trent has spent lots of time training realtors how to escalate. He offers a form letter on his website, theshortsalegenius.com, to offer people an illustration of how to convey the escalation message to the lender. Essentially, it gives a broad script as to how you can explain that the short sale is better than foreclosure.

Alas, since too many people have merely copied and pasted the document, Matt Vernon may have a problem with it. For folks that don’t know, Matt Vernon is a big shot at Bank of America. So, Trent will be contacting Matt Vernon to chat about the escalation letter.

The inspiration behind the letter is that Trent needs to help agents in knowing how to escalate. When you are addressing someone that is higher up in the lender, you want to make the account as short as possible. We propose that you tell them the following. This is the property. It has been on the market for ‘x’ days. We have a proposal. It’s full market value. Here is the fair market value backed by these comps. Then you offer them the numbers. With a short sale, you will net this much funds and if this forecloses, you will net this much funds. That is the general idea of the email.

If you have questions, get your Short Sale questions answered by Short Sale Specialists.

Watch this and more short sale videos by Kevin and Fred at Short Sale Power Hour

Also, follow Group 46:10 on their blog at Apache Junction – Arizona Short Sale Specialist

Short sale foreclosure involves property that has been returned to the bank because the mortgagor was unable to maintain their loan payments. The lender takes possession of the real estate and is responsible for its care until it is sold. Short sale foreclosure also refers to a type of transaction where lenders allow borrowers to sell their home for less than is owed on the mortgage note. This option is usually only offered when all other attempts to prevent foreclosure have been exercised. Currently, banks are holding a high number of non-performing loans. The amount of money received from the Federal Treasury is based on lenders’ performance. If bank customers are not paying, the Feds can reduce credit limits or cease lending altogether. By law, banks are only allowed to hold a certain number of foreclosed properties. With the constant influx of mortgage defaults, many lenders are rapidly approaching their quota. Short sales give banks the opportunity to liquidate real estate inventory. Short selling a property can be a saving grace for borrowers unable to refinance or obtain a loan modification. The process typically takes between four and six months to complete, but allows debtors to walk away without owing additional funds. An exception is when lenders issue deficiency judgments. Some mortgage financiers hold borrowers responsible for the difference between the sale price and loan balance. When two or more mortgages are involved, this amount can be staggering. Multiple financial consequences occur when deficiency judgments are issues. This black mark remains on credit reports until the debt is repaid. Borrowers may need to engage in months of phone calls and aggravation if the court does not report the judgment paid. Deficiency judgments can prevent borrowers from obtaining credit of any kind for several years. Debtors have very little chance of qualifying for another mortgage loan while the judgment is attached. It affects all levels of credit worthiness and can take a lifetime to recover from the financial fallout. Borrowers should negotiate for Payment in Full without Pursuit of Deficiency Judgment. This legally-binding agreement states the bank accepts the sale price as payment in full and will not pursue the borrower for the difference. Short sales do affect credit scores. However, they are not as detrimental as foreclosure or bankruptcy. The latter remain on credit reports for ten years, whereas short sales are reflected for seven years. If borrowers are able to get back on track financially, they can apply for another mortgage loan within two years. Each lender handles short sales according to their established corporate policy. However, borrowers can expect to provide mountains of financial documentation to prove they are financially insolvent. After all, if the bank is going to accept a loss on the property they want proof the borrower doesn’t own assets which could be used to satisfy the debt. Most mortgage lenders require borrowers to have a qualified buyer lined up before discussing the concept of short selling. Others grant the homeowner time to list their real estate through a realtor. This window of opportunity is typically two to three months. Otherwise, the bank will initiate foreclosure proceedings. A tip for locating a buyer for short sale foreclosure real estate is to seek out private investors or investment groups. Short sale properties are attractive to investors because they are usually sold below market value. Selling the property to a real estate investor eliminates the need for a realtor and improves the borrower’s chance of obtaining short sale approval. Both borrowers and banks save time and money when selling to investors. Banks can expedite the transaction because there is no need to locate a buyer. Borrowers don’t have to spend countless hours worrying how they will find a buyer. Investors benefit because they purchase the property at a reduced price. When properly constructed short sales offer a win-win to all parties involved.

Investor, short sale specialist, and author, Simon Volkov is a one-stop shop for homeowners, investors and lenders. By connecting buyers and sellers through his network of real estate professionals, Simon has participated in hundreds of successful short sale foreclosure transactions. Learn more about services and investment opportunities available by visiting http://www.SimonVolkov.com today!

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If you have fallen on hard times financially and are not making your normal mortgage payments, you should be aware that you are vulnerable to the bank foreclosing on your home in Scottsdale, Arizona. The foreclosure risk rises daily. You do not want to be forced to leave your home, and, to be honest, the bank does not want to forcibly remove you from your home either. So, perhaps it is time to search out someone in Scottsdale, AZ knowledgeable in getting you foreclosure help.
You should start your search for a foreclosure help specialist immediately, because timing is crucial when you are looking for foreclosure help and facing a possible foreclosure. Because of the increase in foreclosures, there are now people who can offer you foreclosure help and specialize in this service. You will find great comfort in finding a foreclosure help specialist to help you sort through the painful process of getting your life back in order. Foreclosure help is not something you should have to face alone.
Find a Realtor to give you foreclosure help
In your search for foreclosure help, your first step should be to find a qualified real estate agent that specializes in foreclosure help or short sales. Most real estate businesses can point you in the direction of a person that can offer foreclosure help. The internet is also a good source for finding foreclosure help specialists. There are links on this page that can get you in contact with a foreclosure help specialist immediately. Using the links to find foreclosure help, you will also have the ability to do a little research as to the options available to you in avoiding foreclosure.
Make note of the contact information that is provided and all of the information that you may need before you make an appointment with the foreclosure help specialist to consult with them in person or over the phone. You are not obligated to do anything. This is just the first step in finding foreclosure help. This foreclosure help company, like any other, will be happy to explain to you the services that they offer. There will be no expectations that you are committing to use them to get foreclosure help.
Finding foreclosure help via the internet
In the past, there may have been some hesitancy in using the internet to find this information. However, because short selling and foreclosure help are in such high demand now, regular means of finding foreclosure help (phone books, yellow pages, etc.) will probably only lead you to a real estate agent, which, in many cases may not deal with foreclosure help. Using the internet to find foreclosure help will give you almost immediate access to the services that they provide.
Also, because the internet is available twenty four hours a day, you will not be limited in your search for foreclosure help. Because time is critical, using the internet can save you much time in finding someone to assist you with foreclosure help.

Today, Kevin and Fred have decided to cover a topic that they have never covered previously. Moreover, they haven’t ever discussed it in one of their Crush It courses. The topic is post short sale approval troubles. In essence, you already have an agreement from the lender and troubles crop up. How do you deal with them? What is truly happening out there?

With a transaction that closed yesterday, our escrow official was looking to get the last HUD approval from our negotiator at Citi. It was closing today. The negotiator denied the final HUD despite the fact that all of the conditions were met. The worst part was that the negotiator wasn’t willing to talk in plain english to make clear that the HUD had to look a specific way. It is critical to note that just because the contract is approved, it doesn’t mean it is completed.

Understand that your approval letter at most lenders states that they have to approve of the final HUD. Because the approval letters do not indicate what they are paying and what they are not paying, you may not know if they will approve it.

We had one more post approval predicament recently, with an approval from the coordinator. We scheduled the closing. About a week into the closing, we got a call from a new negotiator that introduced themselves as the the new negotiator for this file. She asked for a number of papers so that she could get the file approved. When we told her that we already had the file approved, she let us know that that agreement was no longer valid because they never got the file approved from the backer.

This is the sort of things that is happening out there that you will not here in a ordinary short sale education lecture. The point is that there are post approval troubles and you are going to have to deal with them if you want to be victorious in this business

If you have questions, get your Short Sale questions answered by Short Sale Specialists.

Watch this and more short sale videos by Kevin and Fred at Short Sale Power Hour

Also, follow Group 46:10 on their blog at Glendale – Foreclosure Short Sale Phoenix