Arizona Home Talk

PROs & CONS of Short Sales

Short sales are different than bank-owned/foreclosure/repo homes, and also different than regular resales. They are a strange mix of the two. With a short sale, the owner still technically owns their home, but owes more on their mortgage than what the home is worth. Therefore, in order to sell, they need to [...]

The Truth about Short Sales

by Catherine Reagor - Oct. 18, 2008, The Arizona Republic More than 7,000 homeowners facing foreclosure in the Valley are trying to sell their homes through a process known as a short sale, according to Arizona Regional Multiple Listing Service data. But less than 5 percent manage to sell before lenders seize their houses. The failure by banks and homeowners to [...]

What the heck is a SHORT SALE?

A short sale occurs when a lender agrees to accept less than what they are owed for an outstanding loan. When a homeowner/borrower is facing delinquency and possible foreclosure on their mortgage, it is sometimes possible to work with the lender to obtain a sale for less than the amount owed.  Not all lenders will consider this [...]

Mortgage Relief Passed by Congress & Signed Into Law by the President!

Source: CMPS Legislative Update from http://www.cmpsinstitute.org/  On Thursday, December 20th, President Bush signed into law a bill passed by Congress: HR 3648 -Mortgage Forgiveness Debt Relief Act of 2007.  The three major points are: Elimination of the “phantom tax” on foreclosures, short sales or other discharges of debt on a primary residence.  Consider this scenario:  A property is [...]