The Associated Press reported today that homeowners are exiting the Obama mortgage program in droves. This confirms what the real estate community in Arizona (more specifically Maricopa and Pinal Counties) has been seeing for months. Very few loan modifications have been going through. See the article here: Borrowers exit troubled Obama mortgage program
Loan modifications are still worth trying. If you can get a payment to suit your budget, why not? With that said, Arizona homeowners need to have a back up plan. A short sale can be an excellent option with the guidance of a well qualified real estate attorney and real estate agent. Advice can be given by attorneys on whether or not to short sale for a relatively low cost. Real estate agents get paid by the bank and don't get paid unless the transaction closes.
A couple of things you may not know...
- You can loan mod and short sale at the same time.
- Just because you've got a loan mod in progress doesn't mean you can't be foreclosed on.
- Foreclosure currently means that a borrower won't be able to purchase a home for at least 5 years.
- Short selling currently means being able to purchase a home in 1-3 years.
- Some of Arizona homeowners ARE better off letting their home go to foreclosure vs. short selling.
- We recommend that all homeowners considering a short sale consult a qualified real estate attorney prior to deciding whether to do a short sale or foreclosure.
For more information about short sales in your area, see Ahwatukee short sales, Chandler short sales, Tempe short sales, Arizona short sales, Phoenix short sales, Gilbert short sales, Scottsdale short sales, Maricopa short sales, Queen Creek short sales.
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