What is a mortgage default?

A mortgage is considered to be in default when one or more monthly payments have been missed.

What solutions are available if I am in default on my mortgage payments?

You may qualify for a broad range of help. Some solutions are:

• Short Sale/Payoff

• Forbearance Agreement

• Loan Modification / rate and term adjustment

• Deed in Lieu of foreclosure

 What is a Short Sale/Payoff?         

Short Sales occur when borrowers sell their properties for amounts that are less than the amount owed to the lender. 

How do I qualify for this?

Borrowers need to prove that they are experiencing a substantial financial hardship.

What is a Hardship?

A hardship is a situation that has a life changing effect for the borrower that results in an in-ability to pay the mortgage debt in either, short or long term. Some examples are:

• Separation or Divorce

• Medical Bills

• Inability to work due to health reasons

• Death of Spouse

• Job Relocation

• Reduced Income or Unemployment

• Business Failure

• Bad loan product / excessive rate adjusment 

Contact the Arizona Short Sale Office schedule a consultation with us about the most suitable solution.

How do I qualify for a Short Sale?

A borrower must prove that a hardship exists. The lender must be willing to accept the short sale proceeds as full settlement of the debt.

What is required from the property owner?

The property owner in most cases must:

• Sign a listing agreement with the realtor

• List the property for sale

• Cooperate with access, showings, offers, and with the realtor and SSW.

• Vacate the home following close of title

• Agree not to finance or otherwise encumber the property

• Be responsible to maintain the home in "show" condition

• Be responsible for minor repairs to the home

• Be a responsible homeowner until close of title and vacancy of home.

Possibly, but usually you have only one shot to succeed in a short sale transaction, it is therefore highly recommended you work with a company experienced in short sale negotiations that can properly represent you and is specialized in this field.  Negotiations at this level are best left to professionals trained in this field only! 

How do I find a proper broker/agent? 

Arizona Short Sale Office has a network of qualified Real Estate Agents nationwide that can be assigned to you for assistance. The agents work under the strict guidelines of Arizona Short Sale Office.

How can the Arizona Short Sale Office help me?

Attached is a partial list of our services:

• Professional consultation

• Preparation of Hardship Package

• Negotiate a Forberance

• True Credit Repair

• Negotiate a restructure of current loan

• Arrange loan reinstatement assistance (hard money)

• Negotiate a Deed in Lieu of Foreclosure

• Negotiate a Short Sale with lender

• Buy back program

• Pre paid Legal Services

• Mortgage analysis