Is your home mortgage getting you down? If the time comes when you feel like there is no end in sight and no possible way to make ends meet, it might be time to consider an Arizona short sale. While Arizona short sale may not be for everyone, they are certainly a viable option for those in a struggling circumstance.
What is an Arizona short sale, you ask? Basically, it is the process of selling your property for less than what you owe the lender on it. That way, you get out of your mortgage payments without the devastation of a foreclosure on your home. This process has become popular among homeowners who do not wish to foreclose their home and want to be able to live in their house until other arrangements have been made.
While your credit score may not be the best of the best, it is important to maintain it during this process. Bad credit can be damaging to your future buying power. An Arizona short sale can prevent the damaging effects of foreclosure by not allowing it to drop so drastically.
When you decide to go with an Arizona short sale, you first need to meet with a consultant. This consultant can be your only ally in a time of financial turmoil for you, so it is best to be open and honest about your circumstances. After you have consulted with a short sale rep, the application process can be, unfortunately, quite lengthy. It can take up to 4 months to process.
Before you get too depressed about the four month wait, consider the benefits of living mortgage-free during that time. This will give you an opportunity to save some money, make future living plans, and get back on your feet. This would also be a prime time to pay off any other outstanding debts you may be facing. Ultimately, you need to use this time wisely because once it is up, you will be out looking for a new place to pay rent on.
Once the application is approved, you can move on with your life and make a fresh, new start. This strategy can help those homeowners who don’t realize until it’s too late that they are unable to make the payments and are then feeling the pressures of foreclosure.