Know your Options if you are facing foreclosure :
In Phoenix | Scottsdale and all of Arizona, we use Deeds of trust, not mortgages, which change some of your options you may have in other states.
First and most importantly, ...
1) Contact your lender to work out possibilities such as short-sales, loan re-structure or deed-in-lieu of foreclosure. Many lenders will work with you to try to minimize losses for everyone involved.
2) A short sale should be handled by Realtors with experience in foreclosure or short-sales.
3) Speak with attorney and a CPA regarding legal and tax (financial) implications that a short sale, deed-in-lieu of foreclosure or traditional foreclosure may have.
Finally,
4) make sure you act sooner than later. Most problems can be handled if there is enough time.
Comments(0)