Short Sale Assistance

 Some things you may need to know about Short Sale & Foreclosure:

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If a home is being sold for less than what is owed on the note and the owner doesn't have the funds to make-up the difference upon the close of escrow; then this transaction is considered a short sale.  Most times, a lender is willing to work with a homeowner and short sell the property rather than foreclose on the home and absorb the property into the lender?s portfolio.  Most foreclosures are costly with the lender almost never recouping the full loss.

 A few things to consider:

A short sale occurs when the home owner and lender agree to sell the property for less than what is owned on the loan

Many options are available other than a short sale

Lender must qualify homeowner for short sale hardship.  Not everyone is eligible for a short sale hardship

Anticipate 3 months up to 1 year between the lender filing/recording a Notice of Default (1st step of foreclosure process) and Trustee?s Sale (foreclosure) to occur ? if foreclosure is unavoidable

Arizona Anti-Deficiency Law(*) protects homeowner?s against lenders suing for additional lost funds after short sale occurred as long as the subject property is residential and occupied as a primary residence. Vacant land zoned as residential will not qualify

If lender agrees to short sale, homeowners are able to stay in home until transaction closes

Credit score is less damaged by successful short sale versus foreclosure(*)

Under the ?Home Affordable Foreclosure Alternatives Program? homeowner?s may qualify for moving costs ? once property has closed escrow


 (*) Consult with a CPA and Attorney for additional information related to tax advice and legal questions


Alternative Options to Short Sale 

  • Bring your loan current and maintain regular payments in a timely manner


  • Work out a repayment plan*


  • Refinance your home with better rate and terms*


  • Modify your current loan with your lender


  • Rent your home and make the mortgage payments to your lender


  • Sell your home and pay off the loan amount due*


  • Borrow money from a relative or friend to bring your payments current


  • Enter into a "Deed in Lieu of Foreclosure" also known as a "friendly foreclosure."  This process bypasses the short sale process



See below links for more helpful information and to look-up your lender contact information:





*If you have owned your home for 5 years or longer and have no second mortgage, you may have equity available to refinance to better loan terms


*Compare mortgage loans and rates.  Many lenders still loan to those with less than perfect credit


*Additional consultation may be required with a CPA or Attorney depending on nature of your situation




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