A short sale can be an excellent solution for AZ homeowners who need to sell and who owe more on their home than than it is worth.  

In the past, it was rare for a bank or lender to accept a short sale. Today, however, due to overwhelming market changes, banks and lenders have become more negotiable when it comes to these transactions. The government is also trying to aid homeowners with the HAFA program for Short Sales. Therefore, the recent changes in corporate policy and the current administration have also improved the chances of getting a short sale approved. 

But to be technical, here's a more official definition: 

* A homeowner is 'short' when the amount owed on his/her property is higher than current market value.
* A short sale occurs when a negotiation is entered into with the homeowner's mortgage company (or companies) to accept less than the full balance of the loan at closing. A buyer closes on the property, and the property is then 'sold short' of the total value of the mortgage. 

For homeowners to qualify for a short sale, they must have a hardship which falls into any or all of the following circumstances: 

* Financial Hardship
* Medical Hardship
* Divorce
* Monthly Income Shortfall – In other words: "You have more month than money." A lender will want to see that you cannot afford, or soon will not be able to afford your mortgage.
* Insolvency – The lender will want to see that you do not have significant liquid assets that would allow you to pay down your mortgage. 

This seems simple enough, however, Short Sales are a complicated process that takes the expertise of experienced professionals. I hold the CDPE® Designation and the SFR Designation. I can readily identify all possible options and, when possible, assist in the quick execution of a short sale transaction. I have worked successfully with many banks, which include: Bank of America (& formerly Countrywide), Wachovia, Wells Fargo, Aurora , Litton, Amtrust, Citimortgage, Chase, Provident Funding, just to name a few. 

If you have questions or feel you may qualify for a short sale, please contact me for a free consultation. (480) 355-8645 

Understanding your options now could mean all the difference in the world. 

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