Phoenix Arizona Hard Money Lender
There is hardly a feeling in the world more disheartening than moving out of your home and saying goodbye to all of your hard work and accomplishments. However, there is a way to maintain dignity and avoid foreclosure should this day come. In fact, an Arizona short sale can even come as a bit of a relief from that financial burden that has been looming for so long. There are a few things you need to know before proceeding with an Arizona short sale.
Once you have decided on an Arizona short sale, you need to talk to your lender immediately. If a foreclosure has already been scheduled, it may be too late to proceed. The first thing to do as you communicate with your lender is to start gathering your documents. The documents needed to carry out an Arizona short sale depend on the lender, but many require similar materials. Most of the time, you will need to provide a hardship letter that details the circumstances surrounding the short sale and talks about your decision and plan of action. Make sure you have a legitimate story–don’t expect banks to look on credit card debt with a forgiving eye.
Next, you need a signed, valid purchase and sales contract, an HUD-1 settlement statement and an estimation of proceeds to the bank or lender. Some lenders will require much more information, possibly pay stubs, bank statements, budget assessments, etc. but most just need the basics. Ask your lender what type of materials they require and be sure to follow their directions, as they hold your fate in their hands.
First, just know that an Arizona short sale looks far better than a foreclosure. Arizona Short sales do not damage your credit quite as badly and they do not diminish your future buying power like a foreclosure would.
It’s also important to know that most lenders would not even consider approving a short sale if the homeowner is in the middle of a bankruptcy proceeding. Negotiating a short sale between the two parties is prohibited in bankruptcy and is considered a “collection activity.”
For More Information See www.listthesale.com