Maricopa AZ Foreclosures and Short Sales

Homes for sale in Maricopa AZ have seen many forecosures and short sales.  As a Maricopa AZ Realtor, I know you have many questions about a foreclosure or foreclosures in general. Waterfront communities such as Province usually out perform the market. I hope this article answers many of these questions for you. How fast can foreclosure happen? In Arizona a foreclosure can be completed in less than six months from the time the loan becomes delinquent. The mortgage company can record a Notice of Sale after 90 days. Once the Notice of Sale has been recorded, the foreclosure can be completed in three months but often may take longer due to the lender’s schedule and or a short sale specialist negotiating with the lender. Living in the Province community you may be in a position to have to consider a foreclosure or even a short sale. I hope this article provides the necessary information that you need.

How Can I Stop The Foreclosure? The best way to stop the foreclosure is to bring the loan current. To do that you would need to pay all delinquent amounts as well as the costs and fees incurred by the mortgage company to file and process the foreclosure.

What about a loan modification? We have seen that “if” the lender is willing to negotiate a loan modification they are not reducing the principal of the note but either re-amortizing the loan over 40 years or reducing your payments for a year or two and adding the interest to the balance of the loan. Banks have found that over 75% of these modifications end up back on foreclosure so they are not eager to process them.

If My Lender Forecloses, Can They Come After Me For The Loss? Yes, Even though Arizona is an “anti-deficiency” state; if your loan doesn’t meet certain criteria,the lender(s) can file a lawsuit or sell your note to a collection agency that will come after you in future years. The lender can also send you a 1099 form which means you will have to declare as income; the difference between the loan balance and the price the home sells at auction. In Arizona it is not uncommon to see borrowers having to pay the IRS thousands of dollars – when this could have been avoided for less than $1,000 by doing a short sale.

What will a Foreclosure do to my credit? This will impact your credit for years to come as well as possibly cost you your employment. See the credit tab on this page. By almost any measure a completed foreclosure is the most damaging event your credit status can encounter – worse than bankruptcy. A foreclosure on your credit record will negatively impact your ability to borrow money for years. For most people, it is well worth the time and effort to solve the problem before the foreclosure is done.

I Have Heard Of Foreclosure Scams, What Should I Look For? Unfortunately there are quite a few people that might try and take advantage of your temporary misfortune. These people will try and convince you that they can provide a quick and easy solution to your mortgage problem. As a general rule, if it seems too good to be true, it usually is. Here are a few examples of the scams you could encounter:

You need to sell your property fast or you will be ruined.If you have equity, these guys want it by providing fast cash, they solve your problem and they get your equity. On occasion they offer a small amount of money to you – which is normally a signal they are getting lots of your equity.Sign the deed to the property to us and we will take care of everything. Sometimes called the “Bailout” scam, the investor tells the homeowner that he will be allowed to stay in the home and pay “rent” to the investor until a long term solution can be worked out. Once the owner signs the deed to the property over to the investor, big trouble usually follows. If the investor has the deed, the investor has control. Here is the big kicker – the homeowner who signed over the deed is still responsible for the loan. The investor nearly never makes the mortgage payments and the homeowner gets hit with the foreclosure.

For a consulting fee, I will work with your lender to find a solution.Your lender will work with you directly if you want to make arrangements to make up past payments and keep your property. This would normally involve a loan modification.

Will A Short Sale Stop A Foreclosure? While the Short Sale itself does not stop the foreclosure, lenders normally work with a homeowner and delay the foreclosure if necessary, if they receive a legitimate Short Sale proposal. The key here is to submit a complete, well organized, Short Sale proposal. The lender does not want your property, and would rather resolve the situation before the foreclosure is complete.

Should I speak with my lender when they call? It is best that you not avoid calls or letters from your mortgage company, particularly if a foreclosure is pending. Your mortgage company does not want to take your property through foreclosure. The mortgage company would rather look for options to avoid foreclosure. When speaking with your mortgage company, be honest about your circumstances and listen for them to possibly suggest options. The mortgage company knows the best way for them to limit losses on a delinquent mortgage is to work with the homeowner.

Be sure to keep notes of all conversations you have with the mortgage company including dates and times of calls, the name of the representative with whom you spoke and the details of the conversation. Ready to start the process? As A Province Realtor I will always require that you seek the counsel of an attorney and CPA before you make the decision to do a foreclosure or short sale. Remember as your agent at law – my interests are to protect your interests. Homes for sale in Maricopa AZ, short sales, foreclosures; we handle all of these transactions as Maricopa Realtors. If you are looking to purchase a home in Maricopa AZ and are interested in foreclosures and short sales – talk to us about the nuances associated with each of these types of transactions. Maricopa foreclosures and Maricopa short sales can be good deals if you have the patience an time to work with the banks.

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