If you lost your Phoenix home due to foreclosure, you probably haven't given up on the dream of owning a new home. The good news is that a number of guidelines have changed which may allow you an opportunity to buy that new home sooner than you think. There are a few guidelines that lenders follow to determine when you’ll qualify for financing after foreclosure. Arming yourself with this information may help you qualify again for a mortgage. Foreclosure With Extenuating Circumstances Generally, lenders will take into consideration any extenuating circumstances surrounding … [Read more...]
3 Ways To Purchase Foreclosed Properties
The process of buying a foreclosed home is slightly different from the process of buying a non-foreclosure home. If you want to invest in Phoenix foreclosures, therefore, it is important to understand the different ways by which to purchase a foreclosed home. There are three main ways to buy a foreclosed home. Buying before the auction Some delinquent homeowners may want to sell their homes before facing an actual foreclosure.In this instance, the homeowner, in agreement with the lender, agrees to sell the home for less than the amount owed on the mortgage.This is called a short sale. … [Read more...]
Short Sales Outnumber Foreclosure Sales For Third Straight Quarter
Foreclosure-tracker RealtyTrac reports falling foreclosure sales nationwide as banks get better at selling homes via short sale. In its Q3 2012 report, RealtyTrac says that 193,059 homes in some stage of foreclosure were sold, accounting for 19% of all residential home sales. In addition, pre-foreclosure sales -- also known as "short sales" -- climbed 22% on a year-over-year basis. For the first time since 2007, the number of short sales outnumbered the number of homes sold in foreclosure over three consecutive quarters. The average price of a short sale home fell by 5 percent as compared … [Read more...]
Short Sale : Writing A Letter Of Hardship
A short sale is when a property is sold for less than its remaining mortgage principal balance, and executed as a way for both the existing homeowner and mortgage lender to reduce their respective losses. Typically, although not always, short sales are reserved for situations of extreme financial hardship; just prior a bank beginning foreclosure proceedings. Short sales are not automatic, however. Homeowners must often prove the merits a short sale to their lender, which often involves documenting that selling the home for less than its worth is the best and most viable option for all parties … [Read more...]