602-688-7447
Please read over the material available here, and then send us an email or give us a call at
the number below to see how we can help you now.
Welcome. The intent of this site is to give a brief overview of options available to an upside-down homeowner that you may otherwise not know about. Our team has helped hundreds of Arizona homeowners like you and we would be happy to see how we can be of assistance to you. Please read over the material available here, and then send us an email or give us a call at the number below. 
 
Short Sale
Generally considered one of the most viable alternatives to foreclosure, short sales allow homeowners to sell a house for less than what is owed and to move on from a burdensome, unaffordable mortgage. Cash incentives may be available to the seller.
 
Mortgage Modification
A mortgage modification involves the modification of one or more of the following: the interest rate on the loan, the principal balance of the loan, the term of the loan.
 
   
Reinstatement
A reinstatement is the simplest solution for a foreclosure, but often the most difficult to achieve.The homeowner pays the total amount past due (including late fees), bringing their account(s) current.
 
Deed in Lieu of Foreclosure
Also known as a “friendly foreclosure,” a deed-in-lieu allows the homeowner to return the property to the lender rather than go through the foreclosure process.
 
   
Forbearance
A forbearance or repayment plan involves the homeowner negotiating with the mortgage company to allow them to repay back-payments over a period of time.
 
Rent the property
Since the borrower cannot sell the property for what is owed, they may choose to rent the property out instead. A big consideration here is becoming an involuntary landlord.
 
   
Servicemembers Civil Relief Act
If a member of the military experiences financial distress due to deployment—and their debt was entered into prior to deployment—he or she may qualify for relief under the Servicemembers Civil Relief Act.
 
Bankruptcy
Many believe bankruptcy is a “foreclosure solution,” but this is only true in some states and situations. Be sure to seek the advice of a qualified bankruptcy attorney when pursuing this as an option.
 
   
Refinance
Refinancing means you will acquire a new loan based on your current credit standing. However, it is impossible to refinance a property that is upside down, due to the fact that no lender will lend more than the property is worth.
 
Stay in the House
Some homeowners are able to sell their house to an investor who is willing to rent the house back to them. While this generally creates a win-win situation for both parties, it is subject to “arms length” scrutiny by the lender.
 
   
 
 
Call Us 602-688-7447
 
 A free service courtesy of Greg Markov and Megan Shaw, HomeSmart, 3131 E. Camelback Rd, Ste. 125, Phoenix, AZ 85018
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AZ Short Sale Experts, LLC.
 
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