Avoid Foreclosure in San Tan Valley AZ
By Tony and Suzanne Marriott, Associate Brokers, Coldwell Banker Realty
(Serving the Greater Phoenix and Scottsdale Metropolitan Area)
There are still hundreds of homes "under water" in Arizona. In other words - the homes are worth less than the mortgage balance(s) - so it's not surprising that many homeowners are looking for solutions to stop foreclosure. One solution to stop foreclosure and mitigate damage to a homeowner's credit is a Short Sale. Short Sales are "regular resales" with one big difference. Your lender(s) must agree to accept less than the amount(s) owed on your loan(s). While there are many details regarding Short Sale Seller financial circumstances and the hardship they face, the bottom line is that most lenders prefer to stop foreclosure in favor of processing a Short Sale where the Seller is able to procure a Fair Market Value contract for their home. After all, why foreclose on a home...
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