No one wants to face the realities of foreclosure. There is hardly a feeling more degrading in the world. However, if you find yourself in a situation where you are unable to make your mortgage payments and you know there is no way out, it may be time to consider an Arizona short sale. This type of sale could set you on the path to financial freedom. Fortunately for you, an Arizona short sale could provide you with the opportunity to live in your home rent-free while the application and short sale process takes place. This is an optimum time to catch up on any other outstanding debts.
Ultimately, Arizona short sales are a form of relief. You and your family will move out of your home only when the short sale process has taken place and your home has been purchased by another buyer. Then, you no longer owe the bank the previous debt and you can cut ties all together with your mortgage.
One of the main worries people ask when entering an Arizona short sale is how it will affect their credit. Obviously, getting out of debt in any other way but repayment is going to have some repercussions. However, iit is important to remember that a short sale is better than foreclosure. After all, foreclosure is the most damaging to your credit status–even worse than bankruptcy! So basically, anything above foreclosure is a step in the right direction.
Like mentioned before, a short sale allows you to miss your mortgage payments for a period of time. Ultimately, this will show up on your credit, but will often show up with a reading such as “paid not as agreed.” This is still better than foreclosure which destroys your credit, sometimes to a point beyond recovery.
If you avoid foreclosure by choosing to go forward with an Arizona short sale, you will still maintain the similar buying power, though it will be affected slightly. You should be able to be approved for car Mortgages, credit cards, store cards, and consumer goods not long after your Arizona short sale. Believe it or not, you might even be able to purchase another home in as little as two years! Banks and other lenders sometimes look upon short sales with a forgiving eye because it proves to lenders that you were taking advantages of the options available and being smart with the resources you had at the time.
Consider all of your options before making any major decisions with your mortgage. You should speak to a short sale agent and get some advice to see how you should proceed with getting out of your financial hardship.
First, you need to know what exactly an Arizona short sale is before you can consider going through with one. Simply put, a short sale is the process of selling your home for an amount less than you owe the lender. You get to remain living in your home rent-free while the whole process takes place, and then you are free from your mortgage after the home has been sold. Sounds too good to be true, right? Well, an Arizona short sale could be just the solution to your financial woes. But, like any other way of getting out of debt, it comes with its costs.
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