A short sale can be an excellent solution for homeowners who need to sell, and who owe more on their homes than they are worth. In the past, it was rare for a bank or lender to accept a short sale. Today, however, due to overwhelming market changes, banks and lenders have become much more negotiable when it comes to these transactions. Recent changes in corporate policy and the Obama administration have also improved the chances of getting a short sale approved.

But to be technical, here's a more official definition:

• A homeowner is 'short' when the amount owed on his/her property is higher than current market value.
• A short sale occurs when a negotiation is entered into with the homeowner's mortgage company (or companies) to accept less than the full balance of the loan at closing. A buyer closes on the property, and the property is then 'sold short' of the total value of the mortgage.

For homeowners to qualify for a short sale, they must fall into any or all of the following circumstances:

• Financial Hardship – There is a situation causing you to have trouble affording your mortgage. For example, divorce, illness, loss of a job, reduction in income are some of the most common hardships. Some people have an adjustable rate mortgage that has just reset and the payment is more than they can afford.
• Monthly Income Shortfall – In other words: "You have more month than money." A lender will want to see that you cannot afford, or soon will not be able to afford your mortgage. You basically have to "unqualify" for your current mortgage.
• Insolvency – The lender will want to see that you do not have significant liquid assets that would allow you to pay down your mortgage.

This seems simple enough, but it is a complicated process that takes the expertise of experienced professionals. I hold the CDPE® Designation and am ready to identify all possible options and, when possible, assist in the quick execution of a short sale transaction.

If you have questions or feel you may qualify for a short sale, please contact me for a free consultation.

Understanding your options now could mean all the difference in the world.

The foreclosure period in Arizona is 90 days, which is one of the most aggressive foreclosure processes in the nation. Many homeowners make the mistake of not taking any action to avoid a foreclosure until they receive their Foreclosure Notice, and at this point, it may already be too late. If homeowners call their short sale specialist for help as soon as they start receiving default letters from the lender, the more likely it is that a foreclosure can be avoided.

This is especially true for a short sale.  The later in the pre-foreclosure process you are, the less incentive your lender has to work with you.  Protect your assets and credit history.  Start on the pathway back to financial freedom and security.

You Do Have Options… Call Today! 623.238.3875

You don’t have to face foreclosure alone. We can help you exercise your options now. It may be hard to believe but the fact remains, ultimately, your lender does NOT want to take your property. YOUR LENDER JUST WANTS TO GET PAID! Selling your house as short sale allows your lender to cash out and lend that money to someone else. Finding a way to work with your lender is the best means of avoiding foreclosure on your home.