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What is an Arizona Short Sale?

What is an Arizona Short Sale?

Is your home mortgage getting you down? If the time comes when you feel like there is no end in sight and no possible way to make ends meet, it might be time to consider an Arizona short sale. While Arizona short sales may not be for everyone, they are certainly a viable option for those in a struggling circumstance.

What is an Arizona short sale, you ask? Basically, it is the process of selling your property for less than what you owe the lender on it. That way, you get out of your mortgage payments without the devastation of a foreclosure on your home. This process has become popular among homeowners who do not wish to foreclose their home and want to be able to live in their house until other arrangements have been made. During this process, homeowner live rent-free in their homes until the short sale goes through.

 

While your credit score may not be the best of the best, it is important to maintain it during this process. Bad credit can be damaging to your future buying power. An Arizona short sale can prevent the damaging effects of foreclosure by not allowing it to drop so drastically.

When is the Time Right to Consider an Arizona Short Sale?

Like stated before, if you are close to foreclosure with little chance of recovery, it may be time to consider an Arizona short sale. Reasons for failure to repay a mortgage are varied, however, there are a few recurring situations that people experience, leaving them with Arizona short sale as their only option. These reasons include: death, overextended credit, changing interest rates, divorce, significant medical bills, and job loss.

The most important factor in Arizona short sales is communication. Homeowners need to communicate when they being missing payments instead of avoiding them like the plague. If your lender is willing to renegotiate the previously agreed-upon payment plan, that may be a better option. However, when it comes down to foreclosure or short sale, an Arizona short sale is probably the way to go.

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