125% Refinance on the way to Scottsdale…..and couldn’t come sooner
July 13, 2009
Talk is cheap. However, insiders in the mortgage world have leaked information that starting September 1, 2009 homeowners in Scottsdale, Phoenix, Fountian Hills and all over the Valley will be able to refinance their home at 125% of the home value. THAT’S RIGHT! 125% Refinance.
This news comes months after the announcement of the 105% (DU REFI PLUS PROGRAM) in which homeowners could refinance their current mortgage up to 105% of the home value. Although the program had the best intentions for homeowners and some did in fact benefit, the fact of the matter is the program was not as successful as planned based on one reason…….LOW APPRASIALS!
It is no secret that homes in Scottsdale, Phoenix and surrounding cities have significantly dropped in value. Many homeowners and home”speculators” financed their home with 0 or little money down, they are now well under water on their home value.
The new 125% refinance program should and will allow many more homeowners in the valley to have the ability to refinance their loan at interest rates that are almost at all time lows.
To learn more about the program, or to get pre-qualified, call 1-866-LOAN -1
A mortgage specialist will be happy to assist you.
Brought to you by Jason Mitchell
C.R.L
Mortgage Finance Terms Explained
December 5, 2008
I have been in the Phoenix AZ real estate market for quite some time. As a result of that experience I have been involved with many transactions. As a active buyer’s Realtor, I have stayed in touch with the mortgage financing side of the transaction with my clients and their mortgage broker. Further, I have purchased and sold homes, land and investment real estate personally. Thus, I have been involved with mortgage financing for myself.
I tell you all of this ‘experience’ because I probably get more questions about the mortgage and lending industry than I do about real estate. And, with my experience, I still do not have all the answers. It is a confusing process with a language all its own. The mortgage finance process often intimidates buyers.
After receiving several questions just this morning from an experienced Scottsdale AZ real estate investor, I thought it would be helpful to add a little pocket dictionary of terms and definitions that may alleviate some apprehension real estate buyers may have.
Alternative Financing - non-traditional mortgage products that are (typically) more aggressive such as high interest rate loans and adjustable rate mortgages.
Closing Costs - Closing costs are the expenses associated with buying real estate. Some of the items that may be included, among others, are:- the loan origination fee or a point, charged for the lender’s costs of processing the loan
Pre-Paids - The items detailed on the Settlement HUD1 known as “pre-paid items and reserves”; The pre-paid items include monies for taxes, homeowner’s insurance, and mortgage insurance (if applicable) to be put in an escrow account by the lender.
FHA Loan - A government mortgage that is insured by the Federal Housing Administration (FHA).
Pre-Payment penalties - These are a fee charged to the mortgage holder if they pay-off their loan prior to a set period of time
Points - Mortgage points describe certain charges to be paid in order to obtain a mortgage on a home. Each mortgage point is a fee based on one percent of the total amount of the loan. There are 2 types of’ ‘points’ ; loan origination an discount points.
PMI - This type of insurance is usually only required if the downpayment is less than 20% of the sales price or appraised value (in other words, if the loan-to-value ratio (LTV) is 80% or more). Once the principal is reduced to 80% of value, the PMI is often no longer required
Title Insurance - indemnity insurance against financial loss from defects in title to real property and from the invalidity or unenforceability of mortgage liens. Title insurance is principally a product developed and sold in the United States as a result of the comparative deficiency of the US land records laws. It is meant to protect an owner’s or lender’s financial interest in real property against loss due to title defects, liens or other matters.
I need to point out that I am not a mortgage brokers. You should always ask your lender or loan officer to better explain these terms and any other questions or fine print that concern you BEFORE you sign loan documents.
I wish you all the best of luck and Happy house hunting.
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Copyright © James Wexler *Will 4.5% Interest Rates be enough for the Phoenix AZ real estate market??*
If you are a Phoenix AZ real estate investor or a Scottsdale AZ real estate buyer, lower interest rates and Phoenix AZ real estate prices down more than 30% provide a great opportunity to get thedeal of a lifetime.
Call 480.221.8080 to find out more about Phoenix AZ Short Sales and Scottsdale AZ short Sales
Will 4.5% Interest Rates be enough for the Phoenix AZ real estate market??
December 4, 2008
We may not be here yet, BUT, we are much closer than you may think. In an effort to stabilize the steep and continued and what seems to be an accelerating decline in real estate prices, the US Treasury announced (yesterday) that is in talks with the now Government run entities Fannie Mae and Freddie Mac to come up with a plan to try and reduce mortgage rates to a goal of 4.5% or better. 
The preliminary outline of the plan would focus on the FED buying a large portion or all the ‘bad loans’ that are in the portfolios of Fannie Mae and Freddie Mac. Thus, increasing liquidity for these entities to lend money. The more ‘free-flow’ of money to buyers of real estate. The larger supply of money , will be the nature of free market economics will result in lower interest rates and fees in the mortgage and lending markets.
I should mention, that to some extent, lower interest rates have been effective in stimulate the real estate market. Two days ago, the mortgage industry announced that largest amount of applications for mortgages in more than 3 years as consumers rushed to re-finance homes. I should also mention that the vast majority of mortgage applications where ‘re-finance’, not purchases as homeowners still cannot sell homes.
First of all, this is a tremendous effort by the FED to do everything within its power to stabilize housing. However, will it work??
Yes, I think it will surely help. Home prices are at 4 year lows. Down more than 30% across the country. 22% in the last year alone according to the Case=Shiller Index. Add onto that ‘fire-sale’ , mortgage rates of 4.5% and (dare I say it??) you have cheap or at least much more affordable housing.
Yes, it will help. A great deal in my opinion. However, I do not think it is enough. The average home buyer is still too afraid of continued recession, stock market woes and unemployment concerns to part with large down payment requirements.
I remain cautiously optimistic …. BUT … I still maintain interest rates are not the issue. Rates are low and have been low for some time. Most mortgages are affect only small dollar amounts. Rarely, enough to make a buying decision or not.
Personal Liquidity is the issue. Down Payments are the issue. They require cash and people do not have any. Or, do not wish to part with it.
When down payment requirements change, so will a recovery in housing.!!
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Copyright © James Wexler *Will 4.5% Interest Rates be enough for the Phoenix AZ real estate market??*
If you are a Phoenix AZ real estate investor or a Scottsdale AZ real estate buyer, lower interest rates and Phoenix AZ real estate prices down more than 30% provide a great opportunity to get thedeal of a lifetime.
Call 480.221.8080 to find out more about Phoenix AZ Short Sales and Scottsdale AZ short Sales
Wealthy buyer cannot buy Peoria AZ home with 10% down
November 26, 2008
Recently, there has been loud complaints of the accelerated price decline of Phoenix AZ real estate. Although opinion differ what is the problem, no one can deny that there are several problems contributing.
Experts point towards mounting inventory of Phoenix AZ homes for sale, rising unemployment, the large number of foreclosures, poor management of loss mitigation at banks and tightened credit or lack of mortgage lending from banks. 
My personal, and humble, opinion is that there is an obvious unwillingness by banks to lend money. They banks now have the money. However, due to poor language and instructions when our Congressional leaders drafted the American Homeowner Rescue act which is better known as the $700 Billion Bailout! The language or lack thereof, allows banks to borrow the money from the Government which means the good paying U.S. taxpayer. Though, it does NOT mandate that they need to actually lend the money to qualified borrowers.
As a result we have (virtually) no money for buyers to use to do what this was supposed to do; Buy Homes!
The banks claim otherwise. However, I strongly believe that the reason being that if home prices continue to drop, homeowners are less willing to pay their mortgage if financial problems arise as the home is worth less then they paid. The can simply , and often do, just walk away from the home. Thus, the banks foreclose on the homes and lose money.
So until prices stabilize there will be now money. Here is an example of a personal story that paints a picture of the problem.
A hard working couple was pre-approved to buy a home priced at approximately $500K.
- Both husband and wife are pharmacists
- combined income of nearly $200K.
- Credit score over 680.
- No other debt.
- $50K savings
- $10K in checking
- 401K assets over $100K
- Made and offer for the home which was accepted.
- However, the bank/lender told the borrowers that they needed more than 10% down.
- Borrowers have the money.
- Due to a child in College, they do not want to use more than the $50K in savings.
- The lenders declined the loan!
What a shame for the buyer who wants to buy a home to realize the American Dream, raise a family and build a nest egg for their future. The ripple effect does not stop there. A seller cannot sell. Parties facilitating the transaction including, but not limited to, real estate agents, mortgage brokers, title and escrow companies, appraisers, banks (who make money lending), inspectors, movers, etc….. do not earn money which they can and do spend in the economy.
The problem is cash. Buyers don’t have it or do not want to part with it until the economy strengthens. Interest rate cuts help. However, that is not the problem. Banks are simply too fearful of lending to even the best borrowers without large down payments.
Bottom line, until we can get these banks to lend we will not see any recovery in the economy.
I am optimistic that a new draft with language that either mandates lending or insures loans by banks will have the intended effect of the original legislation, stimulate housing and the foundation for an economic recovery.
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Copyright © James Wexler *Wealthy buyer cannot buy Peoria AZ home with 10% down *
If you are listing your home as a short sale in Phoenix Arizona or Scottsdale Arizona make sure you hire an agent who knows how to do short sales and has the experience to get the job done.
Call 480.221.8080 to find out more about Phoenix AZ Short Sales and Scottsdale bank owned homes
Hank Paulson reads my Phoenix AZ real estate blog
November 25, 2008
I guess someone is listening. Or, at least, someone is reading my Phoenix AZ real estate and Scottsdale AZ real estate blog. Ok, Ok, maybe I am being a little overzealous with my readers. However, to make myself feel better, I will take credit for the following.
Yesterday, I wrote a story disputing a real estate expert who claimed that foreclosures are not the problem facing Phoenix AZ real estate. I argued that foreclosures are the problem because until foreclosure stop dragging down prices, banks will not feel 
comfortable lending.
As a result, dropping prices affecting availability of mortgage rates with reasonable down payments are the problem. Buyers are more and more reluctant to part with down payments averaging more than 10% of purchase price, or more often do not have the cash on hand at all.
Today, the S&P Case-Shiller Home Price national index recorded a 16.6% decline in the third quarter compared with the same period a year ago. According to a news report, “With foreclosures soaring at record rates, the economic picture dimming and job losses ramping up, all the elements were in place to push prices lower.”
This news paints a picture why banks will simply not lend money to (virtually) anyone without 20% down payments (there are exceptions.) The reason being that if home prices continue to drop, homeowners are less willing to pay their mortgage if financial problems arise as the home is worth less then they paid. The can simply , and often do, just walk away from the home. Thus, the banks foreclose on the homes and lose money.
In order to combat the liquidity problem, the Federal Government has made a bold move today and announced,
“The government has introduced a pair of new programs that will provide $800 billion to help unfreeze the market for consumer debt which Treasury Secretary Henry Paulson calls vital to supporting the economy.” Paulson says all “the government programs have been aimed at supporting the lending that is vital to the economy.”
I applauder the move by the FED and am optimistic that the incoming Presidency will continue to do everything in their power to protect banks by insuring loans, thus make mortgage loans available to qualified buyer, supporting purchase and sales of low priced foreclosures, clearing supply of homes and stabilizing Phoenix AZ real estate prices. Once, the bleeding stops, we can build a foundation towards a Phoenix AZ real estate recovery and a national economic recovery.
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Copyright © James Wexler *Hank Paulson reads my Phoenix AZ real estate blog *
If you are listing your home as a short sale in Phoenix Arizona or Scottsdale Arizona make sure you hire an agent who knows how to do short sales and has the experience to get the job done.
Call 480.221.8080 to find out more about Phoenix AZ Short Sales and Scottsdale bank owned homes
Stopping Foreclosures NOT the key to recovery for Phoenix AZ real estate
November 24, 2008
Phoenix AZ real estate is near the top of the list of price declines. Not a great title. In fact, a recent RL Brown report shows that most parts of greater Phoenix AZ real estate have now declined past 4 year lows, retracing all the gains of 2004-2005.
Scottsdale AZ real estate prices and Phoenix AZ real estate prices continue to slide as a result of
rising foreclosures. In fact, last month foreclosures actually outnumbered resales amounting to more than 50% of all sales.
Now, must of the experts argue that until foreclosures, which drag down prices due to their steep discounted prices slow down , prices will continue to slide. Nationwide, economists and politicians are doing everything they can to slow or even halt foreclosures.
The Housing Rescue Act is designed to stop foreclosures. Last week, Fannie Mae and Freddie Mac halted foreclosure for 90 days
to figure out how to modify loans in order to keep struggling homeowners in their homes and prevent more foreclosures.
The FDIC has proposed a plan to Congress that outlines details for loan modifications that will work with banks and lenders to prevent foreclosure.
So, it seems that stopping foreclosures IS the key to recovery for Phoenix AZ real estate. Right??
Well, yesterday, Craig Anderson, a highly talented and immensely respect writer for the AZ republic wrote a story disputing the above. Mr. Anderson cited a California foreclosure analyst and blogger, Sean O’Toole that “the biggest obstacle to market recovery could be rising interest rates” and “not the increase in foreclosures”.
I politely disagree. Banks do not want to lend because of falling home prices. Banks have to make mortgage products require larger down payments and higher interest rates to protect their loans that are less and less safe as prices continue to drop (due to foreclosures).
If foreclosures stop and prices stabilize, banks will feel much more comfortable offering loan products with manageable down payments.
In fact,with down payment requirements at 20% (for most people), they may even be paying less per month then a interest rate drop of as much as 1% on a 90/10% down mortgage or even a 955% down payment mortgage.
Bottom line, until foreclosures decrease and prices stabilize, banks will not ease credit.
I may even go out on a limb and say that Zero-interest rate policy (ZIRP) which has been discussed, would help some, but little. Banks could then lend below 2% on mortgage rates. Yes, buyers would be jump at the chance. Who wouldn’t ?? .
BUT, ….buyers would still need to come up with as much as 20% down payment. Think about it, 20% of a $250K home is still $50K!! Who has $50K that they can part with these days who wants to live in a $250K home??? These days, Very few!
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Copyright © James Wexler *Stopping Foreclosures NOT the key to recovery for Phoenix AZ real estate *
If you are listing your home as a short sale in Phoenix Arizona or Scottsdale Arizona make sure you hire an agent who knows how to do short sales and has the experience to get the job done.
Call 480.221.8080 to find out more about Phoenix AZ Short Sales and Scottsdale bank owned homes
Bring back 100% financing !
November 17, 2008
ok, I have your attention. Unfortunately, or fortunately, depending on your view of the problem with the credit crisis, 100% is not back. Phoenix AZ real estate is still in a decline and lenders still do not want to lend until either prices stabilize or to the most credit worthy buyer with large down payments. As a result, 100% financing has not made a comeback. It is not even on the board for discussion.
However, I have what you might call radical suggestion that may get the Phoenix AZ real estate market moving again.
Foremost, I don’t believe lowering interest rates will help. Lowering interest rates has not help so far. Let’s face it, interest rates are at historical lows. For the vast majority of borrowers (not companies) lowering interest rates have little significant impact on a monthly payment. Yes, even small interest rate reductions help, but rarely will saving $50 bucks a month make or brake a purchase decision. Especially with price reductions as much, and perceived real estate opportunities (great deals), most , and I do say, most people are not affect.
The problem is that buyers are required to have much larger down payment requirements. Large down payment requirements mean cash. Bottom line, people do not have cash. If they do, they are fearful to part with sums like 20% down payments in a Phoenix AZ real estate market, stock market, job market and economy with so much uncertainty.
So what can the FED do to stimulate housing,which most people be the lifeline to get the real estate market stabilized and move towards a recovery?
Here’s is my suggestion. Bring back 100% financing.
If we had 100% financing, I believe there would be a large number of buyers get off the sidelines and start making offers. There might even be a run on bank owned properties which are (generally) the best deals in town. A reduction in bank owned real estate (REO) is the first and biggest step towards stabilizing real estate prices.
In order for banks to lend at 100% they would need guarantees of these loans from the FED. Sounds crazy, maybe! or, not really.’
The insured 100% financing loans would be at such low price levels with only qualified buyers. Here’s a thought, only allow 100$ financing for bank owned real estate. The effect would be strengthening bank balance sheets by lowering inventory and stabilizing housing making it safer for banks to lend.
And really, how much risk is 100% loans at low fixed mortgage rates on bank owned homes? maybe a lot, maybe very little. That is for the experts to decide. But, the losses may likely be less then just giving more than $700 Billion directly to the banks who seem unwilling to lend.
Let me know what you think?
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Copyright © James Wexler *Bring back 100% financing !*
If you are investing in Scottsdale AZ real estate or Phoenix AZ real estate, make sure you work with a real estate broker who knows the Phoenix bank owned real estate market and the Phoenix AZ foreclosure market.
Call 480.221.8080 to find out more about Phoenix AZ Short Sales and Scottsdale AZ short Sales
4 types of loan modification experts
November 9, 2008
Phoenix AZ real estate is down. That is no secret. As a result, increasing numbers of homeowners are finding that their home is now ‘under water’; meaning the loan amount of the borrower is larger then the value of the home.
Add to the problem, the now infamous ’sub-prime’ mortgage meltdown and pervasive adjustable rate mortgage (ARM) that are now resetting to higher and often unmanageable interest rates, many Phoenix AZ real estate owners are making the conscious decision to walk-away from the payment, the home, and ultimately the house is foreclosed upon by the bank.
The government through such programs as the Hope for Homeowners Act is pressing banks and lending institutions to work with borrowers in what is called “Loss Mitigation“.
Short Sales are the most common form of loss mitigation where the bank agrees to take less money then the borrower owes and the home is sold. However, short sales reduce the amount of money they receive as they do not recover any interest , fees, principal in arrears and take a (usually) drastic loss in the home.
Loan modifications - where the lender agrees to a loan re-structure provides for lower interest rates and terms and often penalties, fees, interest and principal in arrears tacked onto the back of the loan, has emerged as a alternative for banks as a way to keep borrowers in the home paying interest and keeping less bank owned real estate hitting the market for sale which further drives down prices.
There are 4 types of loan modification methods you can use to work with your bank/lender to negotiate new terms that will (hopefully) keep you from losing your home.
- Do it yourself loan modification - Despite, the rampant advertising promising results, you do not need a loan modification company or an attorney. You will need to spend a lot of time to get to the loss mitigation department of your bank and get the required financial information to them on your own.
- Loan Modification Companies - These can cost $1,000 or more. However, they now the process, required information from you and even have relationships with lenders. Most of these companies do a great job for you. Be careful of scam artists. Make sure you ask for referrals.
- Attorney Loan modification company -These are law firms specializing in loan modification. Thy cost as much as $3,000 or more. However, they do perform a forensic audit on your mortgage looking for possible cases of predatory lending. Rumor has it, and I can not confirm it, but many believe that banks deal with attorney loan modifications first. Then , and if there are none of those, then the lenders get to non-attorney loan modifications.
- FHA “Hope for Homeowners” - Sponsored by the FHA and HUD , the FHA will refinance loans of borrowers having payment problems if the existing investor (lender) will write down the loan balance to 90% of market value.
If you want to stay in your home and have the means to pay a fixed amount, contact your lender right away. If the foreclosure process has started, then time is of the essence.
I recommend you try working with your bank yourself first. If you find that it is too time consuming, confusing or emotionally troubling contact a loan modification specialist.
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Copyright © James Wexler *4 types of loan modification experts*
If you are listing your home as a short sale in Phoenix Arizona or Scottsdale Arizona make sure you hire an agent who knows how to do short sales and has the experience to get the job done.
Call 480.221.8080 to find out more about Phoenix AZ Short Sales and Scottsdale AZ short Sales
10 Ways to Stop Foreclosure in Phoenix AZ
November 6, 2008
Phoenix AZ real estate is struggling to find a bottom. As a result, our local economy is in a recession causing a litany of problems including declining Phoenix AZ real estate values, unemployment and rising foreclosures.
Unfortunately, foreclosures are a sign of the times and something that we need to address and face head on.
If you have faced a recent hardship and fear that foreclosure may be on the horizon, here are
10 Ways to Stop Foreclosure in Phoenix AZ
- Sell your home - selling your home is the only way to stop foreclosure 100% of the time.
- Loan Modification is a procedure whereby a loans payment plan is altered due to the hardship of the borrower. This can include the rate, term and monthly payment amounts
- Forbearance - contact your lender and agree to stop foreclosure in exchange for paying a lump sum, or a schedule of payments to bring your loan current
- Re-Finance your loan - this is a great option. Remember to do this, before, you know you are actually facing foreclosure . Otherwise, your credit will prevent you from qualifying for a loan
- Short Re-Fi‘ (short -refinance) - Here’s how it works. A lien-holder (typically, a bank) will allow a borrower to re-finance the short amount with another bank.
- 2nd Loan or HELOC - you may be able to take out a Home equity line of credit to pay for your monthly loan payments until the hardship has passed
- Short Sale - Simply put, a real estate Short Sale means the lender is accepting a lesser amount as a payoff than the total amount of the loan due.Why??? ….Well, a seller has an opportunity to sell the house, possibly salvage credit (seller still cannot have late payments) , and potentially avoid bankruptcy,
- Deed-in-lieu of Foreclosure -A Deed in lieu of foreclosure is where the borrower exchanges the deed of the home to satisfy a loan that is in default and avoid foreclosure proceedings.
- FHA “Partial Claim” Loan - A Partial Claim can allow you to instantly bring your loan current and stop any Foreclosure action. This strategy is only available on FHA loans.
- Bankruptcy - Foremost, I suggest you speak with a bankruptcy attorney for any advice before this option. It is also important to note, that not all state provide bankruptcy as a means of stopping foreclosure.
**I am not an attorney! Please consult with an attorney and/or CPA regarding legal and tax implications for any of the above 10 Ways to Stop Foreclosure in Phoenix AZ listed.
The important thing to know is that you have options prior to facing foreclosure. Foremost, contact your lender as soon as you know that you may have some trouble making ongoing loan payments.
Contact your bank and/or your real estate professional to help you through a difficult , but manageable process.
Make sure you work with a Phoenix Realtor or Scottsdale Real Estate agent who is experienced with short sales and bank owned transactions.
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Copyright © James Wexler *10 Ways to Stop Foreclosure in Phoenix AZ*
If you are listing your home as a short sale in Phoenix Arizona or Scottsdale Arizona make sure you hire an agent who knows how to do short sales and has the experience to get the job done.
Call 480.221.8080 to find out more about Phoenix AZ Short Sales and Scottsdale AZ short Sales
Will the Massive Effort to Modify loans help Phoenix AZ Real Estate?
November 5, 2008
Last week, under intense pressure from the Federal Government, JP Morgan announced they would work with struggling homeowners to keep them in their home by modifying terms on existing loans (Loan Modification). 
A loan modification is a loan re-structure that provides for lower interest rates and terms and often penalties, fees, interest and principal in arrears tacked onto the back of the loan.
According to a report by Catherine Reagor, Bank of America has suspended foreclosures against nearly 2,000 home in greater Phoenix AZ.
Banks across the country, including Wells Fargo which has borrowed more then $25 Billion are setting up loan modification (loss mitigation) departments and loan modification pools to work with borrowers(primarily) whose adjustable rate mortgage (ARMS) whose interest rate adjustment has made their monthly mortgage payment unaffordable.
As John Taylor, chief executive of the National Community Reinvestment Coalition, said it is “a gutsy move on their part,” adding : “They are bending over backward to try to reach out to these people.
Why we need loan modification!!.
Nationwide, 7.3 million American homeowners are expected to default on their mortgages between 2008 and 2010, about triple the usual rate, according to Moody’s Economy.com, a research firm. Some 4.3 million of those are expected to lose their home
The question on everyone’s mind is “will it help prevent foreclosures and thus prevent further sharp declines in Phoenix AZ real estate prices ??
The short answer is ‘maybe’ ! I know this doesn’t help. However, there are many reasons to be optimistic. There are also a few reasons that this is delaying the inevitable. Here’s why!
Most people who bought homes truly want to stay in their homes. Due to a variety of reasons ranging from higher food and energy prices, rising unemployment, decline Phoenix AZ real estate prices, impaired health and adjusting ARM mortgages, borrowers are having increasing difficulty paying their monthly mortgages.
As a result foreclosures are at all time highs. Eventually , these homes are foreclosed upon and become bank-owned real estate (REO).
The one upside to banks owning real estate and selling REO on the market is the concern for profit or loss mitigation. Banks have shareholders to report to. As a result, they do not just sell everything, at any price, as quickly as possible.
What will the Treasury do with GEO (Government owned real estate)?
Since, the FED does not have shareholders or the investing public to report to, they will dump these lender owned homes on the market at steeply discounted prices, further driving down home values and more net worth.
Thus, driving down Phoenix AZ real estate prices. Further causing a drag on the economy and longer delay in moving out of a deep recession.
Loss mitigation options like loan modification may take time time to work as this is new ground for the banking industry. Ultimately, I am cautiously optimistic, that it will work to keep struggling homeowners in their homes and prevent foreclosures from driving down Phoenix AZ real estate. In fact, to prevent a deep economic recession, it has to work.
The important thing to know is that you have options prior to facing foreclosure. Foremost, contact your lender as soon as you know that you may have some trouble making ongoing loan payments. The more time you have before foreclosure, the better.
Don’t avoid what may inevitable. Don’t be ashamed. You are not alone.
Contact your bank and/or your real estate professional to help you through a difficult , but manageable process.
Make sure you work with a Phoenix Realtor or Scottsdale Real Estate agent who is experienced with short sales and bank owned transactions.
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Copyright © James Wexler *Will the Massive Effort to Modify loans help Phoenix AZ Real Estate?*
If you are listing your home as a short sale in Phoenix Arizona or Scottsdale Arizona make sure you hire an agent who knows how to do short sales and has the experience to get the job done.
Call 480.221.8080 to find out more about Phoenix AZ Short Sales and Scottsdale AZ short Sales
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