|
5 Alternatives to Arizona Real Estate Foreclosure
|
Posted On :
Dec-30-2010
| seen (960) times |
Article Word Count :
758
|
|
Foreclosures are running rampant nowadays and it seems that just about everyone knows someone who is in foreclosure. We are in a time where to many people it just doesn't make any more sense to keep making those mortgage payments.
|
Foreclosures are running rampant nowadays and it seems that just about everyone knows someone who is in foreclosure. We are in a time where to many people it just doesn't make any more sense to keep making those mortgage payments. But is letting the property get foreclosed on the best thing to do? Probably not but what are your other options? If you are looking for a little AZ home help, here are five alternatives to foreclosure that can help put you back on track.
1. Stay in the home - Sometimes after taking a hard look at your current expenses and maybe making a few cuts here and there, putting off that brand new truck or not putting in the pool for another year or two may help you catch up. After reevaluating your expenses maybe the mortgage is much more affordable than it looked at first. Take yourself out of your shoes and look at the situation from a third-party perspective and maybe it will make more sense to stay in the house and ride it out. Remember, a house is always a home and only sometimes an investment. If this still doesn't work then explore the other options below.
2. Loan Modification - There are tons of loan modification companies out there and many of them are nothing more than scams. That's not to say there aren't legitimate ones but the best place to start is with your lender! That's right, just pick up the phone and contact your mortgage company. They won't bite you I promise! (At least not through the phone!) Tell them that you are thinking about no longer making your mortgage payment because ----“Insert tear jerker here”---- and would like to know their loan modification process. It's that easy to get started!
3. Principal Reduction - This is a sort of loan modification and is the type that most people want however very rarely get. I must talk to at least two people per day who say they know someone who says they got their lender to reduce their principal balance however I've never met anyone who actually has! I'm sure it's out there but you need to ask for it! Call your lender and tell them the only way you can stay in your home is if they reduce the balance you owe them. Tell them you aren't doing any sort of loan modification that simply extends your loan 20 more years, or adds more principal or interest, or is only temporary for a couple of years. Tell them you want the principal reduced to current market values or something close to it! It doesn't hurt to ask and you never know!
4. Rent the property - Can you possibly rent the property and cover your mortgage? If so, maybe turning into a landlord is the best answer! Real estate has created more millionaires than any other industry combined and it all starts with your first rental! Ok, maybe that's a bit far off considering the current situation but maybe having a tenant cover that extravagant mortgage for a few years will put you back in the black in no time! Have a local real estate agent run rental comps for you, they will do this free of charge. Then you'll know how much to expect in rent for your place and you can see if this route makes sense.
5. Short Sale - A short sale is where you sell the property for less than what you owe. A good AZ short sales agent can usually get a short sale approved with very favorable terms and may be able to get the property sold and the bank to forgive you of all the remaining debt! Find a short sale realtor in your area and see what they can do for you! Most agents do not charge any fees to you and offer their short sale services and consultations for free or for a very minimal charge.
Foreclosure is not the only option, you have choices!! It makes sense to evaluate your situation and explore all the options before making a decision. Although it may be easier to just throw up your hands and let the bank take the property that may not be the best decision for you or your family in the long run. Be sure to research all options, find professional help such as a real estate agent, attorney, CPA, or financial planner, ask questions, and make an informed decision.
|
|
Article Source :
http://www.articleseen.com/Article_5 Alternatives to Arizona Real Estate Foreclosure_46609.aspx
|
Author Resource :
In the state of Arizona we can provide AZ home help - call us at (480) 241-4406 or email us at Sean@AzHomeHelp.com. We can offer referrals to professionals in other states as well so please contact us if you are looking for AZ home help.
|
Keywords :
AZ home help, az short sale, arizona short sale, short sale, real estate short sale,
Category :
Finance
:
Real Estate
|
|
|
|