Phoenix, Arizona Short Sale

Welcome back and thanks for visiting us today on our blog. This entire blog is dedicated to the house owner who is exploring the choices on what you want to do with your house. Whether you are in a situation where you can no longer afford it or are merely no longer want to owe as much as you do against your residence and want to strategically default, this blog is for you. We hope that you discover plenty of excellent subject matter here on our blog.

Today we want to focus on a matter that has become extremely critical in the last couple months. It deals with your funds and the funds that you have in your bank account. There are banks out there that are going into house owner bank accounts and taking funds to fulfill deliquencies on their house.

Please know that the mortgage you took out on your house is secured against your residence and your residence only. The exclusion to that rule is with the bank accounts that are with the same lender that has your mortgage. For example, if you have a checking account with Chase and your mortgage is additionally with Chase, Chase can take funds from your checking account to pay your mortgage.

We have had numerous customers approach us regarding this precise issue. If you are considering a short sale or have missed a payment or two, we would suggest that you shift your checking account to another lender. Close your accounts with a lender that has your mortgage.

Because of the checking and savings account agreements they have with you, they reserve the permission to take funds from your checking account.

Give us a call if you would like more information on this topic or any other topic pertaining to short sales and your choices. We have effectively completed several hundred short sales over the past couple years and we would appreciate the chance to converse with you today.

If you have questions, get your Short Sale questions answered by Short Sale Specialists.

Watch this and more short sale videos by Kevin and Fred at My First Short Sale

Also, follow Group 46:10 on their blog at Short Sale – Arizona Short Sale Specialist

For more videos on short sales check out Kevin and Fred on the Short Sale Power Hour. Video for Short Sale Specialists.

Hello once again and welcome to our blog. We are Kevin Kauffman and Fred Weaver, Arizona Short Sale agents. Closing more than 300 short sale transactions in the last few years, we are only the most successful short sale agents in the Paradise Valley locale.

One of the questions that we are asked frequently is “what makes us different from other specialists? Do we have links within the bank?” A few years ago, we would not have said that our links within the bank were valuable to us. Nevertheless, we have come to appreciate that our links have saved a number of transactions in the last few years. Our associations with people within the banks have helped us suspend foreclosure sale dates and get transactions accepted.

If we need something urgently, we seem to be getting some special treatment. Your short sale is not going to automatically be accepted five times sooner than others. Nevertheless, you can rest assured that our group has those key links and we know how to utilize them.

No matter which bank you are dealing with, Chase, Citi, Wells Fargo, B of A, or any other bank, we’ve worked with each of them. more than 100 banks have worked with us in some way, shape, or form. Every bank operates differently. And likewise, every bank has a vaguely different way of managing short sale packages. Nevertheless, with our experience completing more than 300 short sales in the last few years, we are prepared for every situation.

We would consider it a priviledge to talk with you soon. We look forward to helping you make a choice concerning your home.

If you have questions, get your Short Sale questions answered by Short Sale Specialists.

Watch this and more short sale videos by Kevin and Fred at My First Short Sale

Also, follow Group 46:10 on their blog at Maricopa – Short Sale Arizona

Watch Kevin and Fred, Short Sale Specialists, on the Short Sale Power Hour. Video for Short Sale Specialists.

With America’s real estate market in a frantic tailspin, we are seeing more and more homeowners turn to short sales in Phoenix, Arizona as a solution to avoid foreclosure. Within the confines of this article we will give attention to the ten most frequently asked questions regarding shorts sales. Short sales, in our professional opinion, are the best option available to the general public. However, each situation is different for each home owner and their family. So, it is in your best interest to find the option to avoid foreclosure that will work best for you. Be informed about all of the options and weigh them against your specific situation. Now, on to those questions about short sales
1. What are Short Sales?
Short sales are when homeowners who owe more money to the bank on their mortgage loan than the current market value of the home and the bank approves of selling the home for less than the pay off amount. As an example, Bob Smith in Phoenix, AZ owes $250,000 on his mortgage and his home has a value of $170,000. This is referred to as an upside down mortgage. These types of homes are the perfect candidates for short sales to help the home owner get out of the property and the mortgage debt.
2. Why would a lender accept taking a loss in short sales?
The lender, bank, or mortgage company agrees to take a loss because, in the long haul they will save money. Whether the home is in pre foreclosure or foreclosure, the bank is getting no money for it. Furthermore, if they have to foreclose on it, legal fees and other hassles eat away at the eventual price the bank will get at foreclosure sale. Consider one step further, at foreclosure sale a home gets far less than it would get if it short sales. Take this idea yet another step and consider that the money from the short sale of the home can be borrowed to someone else that WILL pay off their debt. Hopefully, by now, you understand that it is in their best interest for banks to support short sales from the very first time that the home owner mentions the words. They are so inclined to support short sales that they often forgive the remaining balance between the sale price and the mortgage pay off amount. But, we must caution, in short sales, it is at the lenders discretion whether they choose to forgive the remainder or not. They have the legal right to collect the difference from you (but don’t be too alarmed, you were facing a potential foreclosure. So, they understand that legal action against you will more than likely yield nothing).

Watch Kevin Kauffman and Fred Weaver of Group 46:10, Short Sale Specialists, on the daily Short Sale Power Hour.

The main thing you need to know about a short sale transaction is that you can sell your house for less than you owe on the mortgage and walk away from it. Beyond that, there are a number of steps that should be taken before you can short sale your home in Queen Creek, AZ.
Economy in this country is a dirty word these days. Some studies reveal that more that more than fifty percent of all homes in Queen Creek, Arizona are in upside down mortgage situations (where the home is worth less than the mortgage). Much of this is a result of two factors, poor lending practices and a weak housing market.
With many homeowners affected by one or both of these factors, foreclosures are at an all time high. So, the best way to avoid the frightening foreclosure is to use a short sale to get rid of your burdening mortgage and your devalued home.
With a short sale, the home owner must gain approval from the bank to sell the home for less than the value of the mortgage. The bank can choose to refuse such a sale or any offer that may come as a result of the short sale. However, given the state of the economy, banks are much more accepting of the short sale because they do not want to take possession of your home through foreclosure.
If you are one of the unfortunate individuals that is considering a short sale, it is best to find a real estate agent that has experience working with short sales. You will also need to get your house appraised. Then, with your appraisal in hand, put the house on the market. Your hope for a quick sale will probably be met as many investors are searching for these bargain properties to bolster their portfolio.
One of the goals of your short sale should be to get the lender that holds your mortgage to issue a judgment of “Payment in Full”. Doing so, means that they will accept the sale price of the home as full payment of your mortgage. It is well within their rights to require the home owner to pay the remaining balance on the mortgage. So, the use of a real estate agent in facilitating a short sale transaction can help you gain the payment in full judgment that you desire.
With the dyer situation that many home owners are in, the rise in foreclosures, and the importance of a good credit score, the short sale is a great option for many home owners that find themselves in financial trouble. Finding a real estate expert with experience dealing with short sale transactions can help you through the process.

Hello and welcome to our blog. We are Fred Weaver and Kevin Kauffman, Arizona’s leading short sale specialists. We have closed hundreds of short sales and we would like for you to contact us to find out more.

We wanted to speak to you at present concerning what is going on in the short sale business today. In particular, can foreclosure sale dates be deferred and as a house owner when should you start working with us in a short sale agreement.

Recently, some of the investors do not want to push back foreclosure sale dates as much as they have in the past. A year ago, if we were talking, I would have informed you that we can get your house on the market and receive an offer in 60 days allowing your foreclosure sale date to be deferred. To be very honest, that isn’t occuring anymore.

If you are in a position where you are 60 or less days from foreclosure, please call us. We aren’t saying that your house is going to go to foreclosure. Nonetheless, if you have not missed a payment thus far or you are only a payment or 2 behind, please contact us soon. The sooner you act, the better off you will be. If we have more time, we have a greater likelihood to make a positive result for you.

You ought to make sure that you are working with a specialized team that has relationships within the bank and can fruitfully complete your short sale. The banks do want to help you out, but you need to contact us sooner rather than later.

Thank you for joining us now. Please fill out the form here on our blog so that we can be in contact with you soon. Have a fantastic day!

If you have questions, get your Short Sale questions answered by Short Sale Specialists.

Watch this and more short sale videos by Kevin and Fred at My First Short Sale

Also, follow Group 46:10 on their blog at Casa Grande – Avoid Foreclosure Arizona

Hello and welcome to the Group 4610 blog. We are Kevin Kauffman and Fred Weaver, Arizona Short Sale Realtors. We have closed more than a few hundred short sale deals since 2008. With a greater success rate and more practice than nearly any other agent in the Arizona Short Sale world, we are the best short sale specialists in the state.

We would like to speak about a touchy matter these days. Should you short sale your property? The strategic default, or as we refer to it, the business decision, is a awfully hot matter recently. You may be a property owner out there that is upside down on his mortgage. For example, you may owe $400,000 on your mortgage, but your property is only worth $200,000. You might be in a spot where you are getting ready to stop working or you are preparing to move. Possibly you have the capacity to pay your mortgage, but you are doing this at the determent to your family. Essentially, you are throwing money at a terrible asset or investment.

We have had a lot of people come to us and say ‘What am i doing here? What should i do?’ The short sale, foreclosure, or keep paying the mortgage are all choices that property owners are taking into consideration. We won’t tell you what you should do, but you should make the correct choice for you and your family. Lots of people think that they have a moral responsibility to make their payments.

While that is a valid point, there are some things in your mortgage agreement that give you the justification to stop making payments. Also, the bank has the right to foreclose or agree to a short sale. You have to evaluate what is most important to you. If that means that you have to walk away from your property with a short sale, you should strongly consider it.

There are a few things you should always keep in mind. This is a private choice for you. Don’t let anybody to tell you what is right or wrong. Your mortgage is a agreement that has choices for you to mull over. Look at what your property is worth at present. How long will it take you to get your mortgage back to equal? There are consequences to each choice that you have. Contact us today and we can help you weigh those consequences.

If you have questions, get your Short Sale questions answered by Short Sale Specialists.

Watch this and more short sale videos by Kevin and Fred at My First Short Sale

Also, follow Group 46:10 on their blog at Mesa – Short Sale Arizona

Welcome to Group 4610’s blog. We are Kevin Kauffman and Fred Weaver, Arizona’s Leading Short Sale group. We have completed hundreds of short sales over the past few years. Yet, this video is not about us, it is about you!

One of the common discussions we have with home owners is about missing payments. Many of these home owners are still current on their mortgage payment. Maybe they haven’t yet experienced the reduction in their wages or they haven’t completely used up their full savings account yet. They frequently want to know whether they ought to or ought to not miss payments.

Understand a few things about short sales. It is possible to close a short sale without missing payments. Yet, with the regularity that short sales are being completed, the banks aren’t even allowing for a short sale until the home owner is missing payments. We think that the banks have made that change because they do not want the home owner to take advantage of a short sale and still evade the harmful effects of missing payments. Furthermore, it is definitely a way for the banks to keep short sale numbers down. There is not a single bank in the land that has enough workers to handle the short sale folders they already have.

We are never going to tell you to make or miss your payment. Yet, we can tell you that the bank will want to observe you miss some payments before they decide to even look at your short sale. Most of our customers are okay with the credit hit and knowing that they can get back into a home in a few years. We will discuss the decisions that are in front of home owners in a future episode.

Fill out the document on our website so a member of our group can have a brief discussion with you. Thank you for joining us today. We will speak with you again shortly.

If you have questions, get your Short Sale questions answered by Short Sale Specialists.

Watch this and more short sale videos by Kevin and Fred at My First Short Sale

Also, follow Group 46:10 on their blog at Scottsdale – Mortgage Short Sale Arizona

Are you currently considering purchasing a Pre Foreclosure home in Phoenix, Arizona for an investment or to live in? there are several items that need to be weighed and thought about before you jump in head first. How do you find a property in Pre Foreclosure? How do you introduce yourself to the other party in a Pre Foreclosure sale? How do you negotiate with people that are dealing with a Pre Foreclosure situation?
There are many ways to find Pre Foreclosure properties. One of the more popular ways is through the local newspaper. Check in the public notice section. Look for the phrase, “intent to sell” which can lead you to prospective homes in the Pre Foreclosure process. You can virtually ignore the Notice of Default section of the paper because the home owners in these situations could decide that they want to keep their home still Usually an intent to sell with give you an address, auction date and time, and other relevant information. It is always in your best interest to visit the house before the auction to check on the general condition before the sale.
However, there is another way to seek out homes in Pre Foreclosure in Phoenix, AZ. This other way is a relatively quiet process. Often times, home owners that find themselves in Pre Foreclosure may choose to short sell their home. A short sale works to the benefit of the bank and the current home owner. However, the short sale can work to your benefit to, whether you are looking for a home to live in or a home to invest in, the short sell during the Pre Foreclosure process can be a gold mine. Here is why…
-during a Pre Foreclosure short sale, the home owner is selling the home for less than the mortgage that they have on the home with the hopes and probability that the bank will forgive the outstanding debt on the mortgage. This creates a very motivated seller.
-Also, because the home is in Pre Foreclosure, the bank understands that the home is only a few short steps from foreclosure. And because banks do not want to take possession of homes, this creates a very motivated lender that wants to see the home sold.
-And lastly, with a Pre Foreclosure short sale, the home is generally in good condition, because the home owner has not abandoned the property with the thinking that a foreclosure is a certainty.
Given these two conditions, it is in your best interest to find a real estate agent that deals with Pre Foreclosure short sales and notify them that you are in the market for a home. They will probably have a list of homes available for short sale at their fingertips.

For anyone who might be thinking of whether to file personal bankruptcy, it’s a good idea to think of the long term impact of bankruptcy versus any other way of fixing your credit problem. One of the big issues facing many people today is the threat of foreclosure on their home, compared to bankruptcy. It’s not an apples to apples comparison, but here are some issues to consider.

First, foreclosure is another debt, just like a credit card. If you default on your home loan, the lender can take your house, or foreclose on the note. If you are behind on a car loan, the lender will take back your car. Either of these are major bad credit events, and will result in a drop in your credit score.

Bankruptcy however is a situation where multiple debts are either discharged, or wiped away, by a bankruptcy court, or you instead set up a plan to repay. While credit agencies won’t specify which is worse or by how much, avoiding multiple debts in bankruptcy means that many creditors were left unpaid. For secured creditors, however, like mortgage companies or car financing companies, they did get back a portion of their loan through repossessing your home or car.

If you aren’t sure whether to file bankruptcy or let the bank take your home, there are multiple issues for your to consider. Many times, you can file bankruptcy and lose your home in foreclosure anyway, as a secured mortgage lender can ask the bank to allow them to sell your home and get paid that way. This would happen in Chapter 7 more than Chapter 13 bankruptcies. In Chapter 13 bankruptcies, you will be setting up a repayment schedule, which could help you keep your home and make payments according to the repayment plan you set up with the bankruptcy court. In this case, the bankruptcy court could stop your home fro being sold, if you are making approved payments, thereby avoiding foreclosure.

Whether to file bankruptcy or let your home go to foreclosure will depend on your specific situation, your income, your total debt, and your other expenses. It’s best to make an appointment with an attorney to discuss whether a bankruptcy could actually help you save your home and avoid foreclosure. You might decide that your primary concern is to save your home, and not worry about your credit score. You can rebuild your credit score after bankruptcy, but buying a home or saving the one you have is much tougher. Talk with a credit counseling agency or bankruptcy attorney before you decide whether bankruptcy is worse than foreclosure for you and your family.

Do you need to decide right away whether to go through bankruptcy or foreclosure? You can find more about filing personal bankruptcy at BankruptcyHelpOnline.

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