Phoenix Short Sales vs. Phoenix Foreclosures

Phoenix Short Sales vs. Phoenix Foreclosures

All too many Americans are facing that harsh reality that they never thought would come. When you know the red-stamped “foreclosure” envelope is going to show up in your mailbox any day, that is all you can seem to think about. Believe it or not, there are ways to avoid this devastation.

One option, and a topic that has garnered a lot of industry interest, is a Phoenix short sale. Phoenix short sales are becoming increasingly popular among homeowners because it allows them a dignified exit from their mortgage and a fresh start in their financial world.

Short sales aren’t ALL fun and games though. There are still pejorative ramifications that come with this course of action. Remember though, that all of these consequences are far more desirable than the harmful effects of a short sale. Credit will still be adversely affected, and could even drop 200-300 points.

When is the Time Right to Consider a Phoenix Short Sale?

Like previously mentioned, if you are close to foreclosure with little chance of recovery, it may be time to consider a Phoenix short sale. Reasons for short selling a home that will seem legitimate for banks include: death, overextended credit, changing interest rates, divorce, significant medical bills, and job loss. You need to make sure that you are experiencing a legitimate financial hardship--you cannot allow a ridiculous shopping habit or credit card debt get you to this point. Banks will not allow you to short sale if you had other opportunities to redeem yourself financially.

The most important factor in Phoenix short sales is communication. Homeowners need to communicate when they being missing payments instead of avoiding them like the plague. If your lender is willing to renegotiate the previously agreed-upon payment plan, that may be a better option. Maintain open lines of communication between your lender, your real estate agent, and even potential buyers. Be honest and open about things are going. Though the process may be a little disheartening, a Phoenix short sale could end up saving your a lot of heartache.

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