Unfortunately, one of the hottest topics in today’s Arizona real estate market is the subject of short-sales, foreclosures, and lender owned properties (REO). Now, I’m going to begin a whole series here on short-sales, but you’ll get the answers to your questions on the other subjects as a matter of course. There is a LOT of information to cover, but cover it we will, and in as logical a manner as possible. Here are a list of questions that we will answer, and when they are all done, I’ll post it in the archives. . .read more. . .
There really are no hard and fast rules about who is eligible and who is not. You might hear that a person has to have a demonstrable “hardship” in order to do a short-sale. This can be death, divorce, job loss, health problems, and a host of other things. This tidbit of wisdon is generally correct. A person must have a good reason to attempt a short sale. Banks are not going to forgive tons of debt to people who simply don’t like their homes anymore and wish to move, or those who are thinking something like this. . .read more. . .
Homeowners in Arizona who have recently been foreclosed on will likely get a knock on the door and a posted notice of some kind, indicating that the home is now under new ownership, and the new owner intends to take possession shortly. Depending upon the new owner, this will usually occur within 10 days. For lenders and processors whose operations are well defined and implemented, the knock and the posted notice can come within 48 hours of the auction sale. If the new owner is a servicing lender or a GSE, it is likely that the person who knocks on your door and posts notices on the home will be a real estate agent. Read More. . .
Remember, if you want to stay in your home, you can either bring your account current, or you can modify your loan to make it more affordable. Loan modifications are a personal choice that should be taken cautiously, and with an eye to the future. Also remember, the payments will go up again, and you may be in the home for quite awhile. . .read more. . .
Because short sales are difficult, time-consuming, and process intensive, real estate agents who don't have the time, knowledge, or inclination to do them have begun to offload or "out-source" the work to others. There are now many different kinds of short sale negotiators, from attorneys, title companies, and financial advisers, to unlicensed individuals and stay at home moms. Can any of these people complete a short sale? Sure they can. The key questions are: a.) could homeowners be affected by the out-sourcing of their loss mitigation efforts, and b.) who exactly should be conducting these short sales? Read More.
Short sales have become the next best step for families who either don't want to modify their mortgages, or who have had an offer of modification that is not financially viable. In fact, many of our clients are reporting that when they contact their loan servicers for the first time to report a hardship, their servicers are directing them to contact an agent to do a short sale. They're not even mentioning a modification. . .read more. . .
There is just about full concensus now that mortgage modifications as a cure-all for the US foreclosure crisis are, shall we say, "less than adaquate" to the situation. Like most government efforts to make people's lives better, it's a day late, a dollar short, and has had a slew of unintended consequences. If the government's plan was to fix the mortgage crisis, they have failed miserably. However, if the plan was actually to delay the inevitable, it has succeeded brilliantly. read more. . .
Homeowners searching for help with a short sale might be unnerved to find that almost all of the real estate agents advertising in their city are promoting themselves as “Short Sale Specialists” or “Short Sale Experts,” or some other exemplifying adjectives. With so many experts out there, how can a homeowner be sure they actually have an “expert” to help them? Let’s start out by stating unequivocally, there simply is not any licensing or certification from any governing body anywhere that places restrictions on who can process a short sale, nor are there universal standards on how they can or should be done. Finding a good short sale agent to help you involves the search for knowledge and experience. They’re gonna need both. read more. . .
Arizona Governor Jan Brewer signed a new foreclosure law in Arizona that deals with Banks and Delinquent Borrowers. This sparks a discussion with our foreclosure specialists.
More and more, major lenders are taking a firm stance against homeowners in regards to deficiency jugements. Listen as Allen D. Butler, MSSC, CDPE, GRI, A-REO and Ronald A. Mauck, MSSC discuss these issues, and how they affect Arizona families.
