Every day, someone turns to an online forum looking for specific advice as to whether they should short sell their home in Glendale or let it go to foreclosure.
Truth be told, there’s not a one-size-fits-all solution to that answer.
It’s often pointed out that Arizona is an anti-deficiency state, meaning the primary lienholder cannot pursue you for the mortgage balance following foreclosure, but it remains unclear whether that same statute applies to short sales.
And if you have two loans on your property, everything’s a bit more complicated as the anti-deficiency statutes don’t apply to secondary or tertiary lien holders.
Then there are the tax consequences. Some short sales can be done without and tax consequences, others can not.
If you’re behind on your mortgage payments or are about to fall behind, the first thing you need to do is talk to a real estate attorney to discuss your options and which option would be the best for you. (I’ve got a couple of phone numbers handy if you contact me.)
Falling behind on your payments and facing foreclosure is one of the most frightening, frustrating and daunting things many of us face. Don’t go it alone. Pick up the phone, click the mouse and get some help.
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