Phoenix Arizona Hard Money Lender
Many people have been talking about Phoenix short sales. If I have grasped your attention, then you may be interested in what a Phoenix short sale is. Generally speaking, it is the process of selling your property for an amount less than what is owed to the lender. Sounds pretty simple, huh. In order for this to work, everyone involved in the process must agree with the transaction, especially the lender or financial institution which lended the money. Unfortunately, not everyone is admitted to the opportunity of a short sale, therefore, they must take the responsibility of learning from their mistakes and do the best they can. Most often you have to be facing a serious financial hardship to get the consent from your lender. There are many Phoenix short sale representatives to help you the process of a short sale if that is the path you choose.
First and foremost, you WANT to do everything in your power to avoid filing for bankfuptcy and foreclosing your home. This will severely affect your credit score. While selecting a short sale will harm your credit score, but not nearly as bad as going bankrupt. Nor does a short sale affect your future buying power. After you fill out your Phoenix short sale, you will still be able to live in your home payment free for the duration of the application process, which can take up to 4 months. This gives you the chance to get recover and save for future payments.
You may think that a lender would have to be crazy to take back the home on a price that’s less than what they paid for, but this actually makes some sense. The fees they have to deal with when they take back the home can add up and prove to be very expensive. Remeber, banks are not realtors, and they do not want your home but rather your money. t is a way for both the lender and the homeowner to make peace and break free of one another. The people who lend money are human, too, so they understand that sometimes even when you make the most honest and valiant effort to salvage your mortgage, it just doesn’t always work out.
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