Posts from — July 2009

What are your options to avoid foreclosure?  I have listed them below.  Be sure to also checkout our Options To Avoid Foreclosure Audio Tour.

I’ve divided the options into two sections, one for those who’d like to keep the property and one for those who just want out of the property.

- IF YOU’D LIKE TO KEEP THE PROPERTY -

1. DO NOTHING – Stay in your home or if it’s an investment continue to rent it – if you have no need to move, like where you live, make money off of your investment property, or have an endless supply of cash to makeup for any monthly losses then you should be fine.  You can ride the market out and eventually it will come back.  Be sure to keep your payments timely.
2. RENT – rent your property out.  If you can meet your monthly mortgage obligation by renting then maybe this is a good option for you.
3. REFINANCE – If you have equity in your home and still have good credit and stable income you may be able to refinance to a better rate and lower payments.
4. MAKING HOMES AFFORDABLE REFI OR LOAN MOD – this is government program and not everyone qualifies but if you do this may be a way to keep your home and make the payments more manageable.  More info here:  http://makinghomesaffordable.gov/
5. LOAN MODIFICATION – You may be able to qualify for a loan modification where the lender modifies the terms of the deal (better rate, longer term, and the rare but possible principal reduction).  Be wary of loan mod scam artists – find a reputable company or contact your lender directly.
6. FORBEARANCE – Your lender may be willing to give you time to makeup lost payments and get back on your feet.  Contact your lender and see what they will do for you.

-         IF YOU JUST WANT OUT OF THE PROPERTY –

1. SELL IT – If you have equity you may be able to sell the property and still make money at close.  If you have little equity you still may be able to sell and keep your costs low so you can just come out of pocket a little at closing and just be out of the deal.
2. DEED-IN-LIEU – This is where your lender takes your property back “in lieu” of foreclosure.  Lenders don’t want your property and usually only do this if there is equity in it, in which case you are probably better off selling it outright.
3. BANKRUPTCY – Have a qualified bankruptcy attorney help you with the filing of a Chapter 7, 11 or 13.
4. SHORT SALE – This is where you sell the property for less than you owe and the bank accepts the deal.  This is becoming a very popular option but make sure you hire a qualified short sale agent to help you as they act as your negotiator with the bank.

Those are the options available to you and the best thing to do is to learn all you can about these options and do what you feel is right for you and your situation.

Visit our Arizona Short Sale website for more information about short sales, how to avoid foreclosure scams, loan modification scams, and more!

We are still awaiting more information regarding the status of the Arizona Anti-Deficiency Law repeal that we asked for at the Senate meeting on Tuesday, July 28 2009.

We’ll keep you updated as soon as we hear more.  Let’s keep our fingers crossed that this ridiculous law gets dropped like a rock!

Our new audio tour is now available entitled:  “Options to Avoid Foreclosure“.   This short 6 minute audio tour explains your options to avoiding foreclosure.

Narrated by Arizona Short Sale Agent & Real estate broker Sean Bonini you will find out how to sell your property if you owe more than it’s worth and still buy another home in just 24 short months.

You’ll also learn how to keep your property if you wish and lower your payments or even get the bank to forgive part of your mortgage obligation.

More information is also available on our Arizona Short Sale Agent Website.

In a striking turn of events it seems that State Senator Pierce is in favor of repealing the Arizona Anti-Deficiency Law!

If you have not been following this story then please read through the past days of my blog as I have been attacking this one closely!

Yesterday the Arizona Association of Realtors CEO Tom Farley & General Attorney Michelle Lind along with Attorney Marc McCain and some other local individuals including myself attended a Senate meeting to let our feelings be heard. We were representing local Arizona Homeowners as we feel that the passing of SB 1271, or the new Arizona Anti-Deficiency law is unjust, unfair, and will add fuel to the fire that is a declining real estate market and an already difficult economy and will hurt rather than help the average Arizonan.

I have just received a press release from Senator Pierce’s office stating that he is in favor of repealing the bill. This is excellent news! Attorney Marc McCain was interviewed by Channel 15 regarding this situation and can be seen tonight at 6pm.

For those of you that have been sending me your thoughts about this bill I thank you for your support. If you have thoughts or questions about SB 1271 please email me at Sean @ AzHomeHelp.com