Elite Agent Service

602-717-4838
Expert Home Advice for selling or buying an AZ home
Select Page

Foreclosure Alternatives

short-sale2The following is a list of possible options for homeowners to avoid Metro Phoenix Arizona foreclosure:

  • Short Sale: When homeowners owe more on a property than it is currently worth and one of the following solutions does not apply to their situation, there is the option of pursuing a short sale.
  • Reinstatement: To reinstate a mortgage, the homeowner has to pay all the missed payments, late fees and legal fees that are due up to the date that the loan is reinstated.
  • Forbearance or Repayment Plan: the lender allows the buyer to pay the missed amount over a period of time or the lender places the missed payments on the end of the amortization of the loan.
  • Rent the Property: In some cases, homeowners facing foreclosure will have payments low enough to allow them to rent their property and keep up their mortgage payments.
  • Sell the Property: If sellers have equity in their property, they can sell it and prevent a foreclosure.
  • Refinance: If homeowners have sufficient equity and income and their credit has not been too badly damaged, they may be able to refinance.
  • Mortgage Modification: A loan modification is very similar to a lower interest refinance where the lender lowers the interest rate on the existing loan to lower the payments.
  • Short-refi: This process involves the refinance of a home with a reduction in the principal balance and often the interest rate as well.
  • Deed-in-lieu of Foreclosure: A deed-in-lieu of foreclosure is sometimes referred to as a friendly foreclosre because the homeowner essentially gives the deed back to the bank.
  • Bankruptcy: A bankruptcy may stop a foreclosure and allow homeowners to reorganize their debt and keep their property.
  • Servicemembers Civil Relief Act (SCRA): This law provides certain protection to military personnel who are in foreclosure in specific situations.

Related Articles:

Arizona Real Estate Specialist

As a home seller, expect nothing less than personalized service including a detailed consultation that competitively positions your home in today’s market. The consultation will include an in depth comparative market analysis CMA. My goal is to get your home in front of as many people as possible and get it sold as quickly!