It is no surprise that home values have declined substantially in recent years. In the City of Surprise, AZ, home values have dropped as much as 35 percent, with prices as low as they were in 1999. With so many homeowners under water, owing more on their mortgage than they could sell it for, we are seeing a rise in the amount of foreclosures and short sales on the market. In Surprise, roughly 62 percent of the homes currently on the market are distressed, either short sales or Real Estate Owned (REO properties, commonly referred to as "foreclosures").
So, what does this mean? For a seller needing to move, or having trouble making their mortgage payments, it means there are options. Don't walk away from your home before you truly know what your options are. You may be able to modify your loan, temporarily postpone your payments, or even sell your home for less than you owe! Why would a bank agree to this? Because they are not in the business of owning homes, they are in the business of loaning money.
If you currently owe more than your home is worth, and need to move or are unable to make your payments, visit www.AZHelpforHomeowners.com today to explore your options and get the help you need.
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