Understanding How To Short Sale Your Scottsdale Arizona Home.

Every week I get calls from many Scottsdale, AZ homeowners that are upside down on their mortgages.  Unfortunately property values in Scottsdale have declined over 35% since 2006 leaving many homeowners upside down in their mortgages.  On top of that, the declining economy and over 8% unemployment rating makes it even hard for homeowners to pay their adjustable rate mortgages.  Once a property owner misses a payment or two it is almost impossible to catch back up forcing the homeowner to reach out to their lender for help.  Their choices are either a forbearance, loan modification, Scottsdale AZ short sale, or foreclosure.  A forbearance is simply a way for the lender to tack your missed payments onto the back of your loan, or break up the missed payments into smaller chunks to be paid “ON TOP” of your mortgage payment.  A loan modification is where your lender(s) agree to a modified payment which can be permanent or temporary.  I completely disagree with either strategy because they are both just temporary fixes and do not solve your overall situation unless the lender is willing to reduce your principal balance (which rarely ever happens).

Instead I suggest you either walk away and let the house go to foreclosure.  If you choose this option you can negotiate “cash for keys” and at least live in your house for free (hopefully saving all your money) and then get paid by the bank(s) to move peacefully.

Or…

You can complete a Scottsdale Arizona Short Sale and negotiate with your lender to allow you to sell your home for less than what you owe.  I believe this is your best approach due to the benefits to you and your families long term financial health.  First, you get to have a professional such as www.CodySperber.com help you navigate the Scottsdale short sale process.  Second you can avoid having a foreclosure on your credit report allowing you to bounce back faster.  Third, you are doing the right thing by working with the banks to repay the debt that you owe them.  And lastly, you can live for free while saving your money and have the time to go find a solid rental home in the area you want to live.

I highly suggest that you seriously consider a Scottsdale, AZ short sale and reach out to an expert like Cody Sperber.