We are living in hard economic times. I am sure that all of us know someone whether they be a friend, co-worker, relative, or even a stranger, who have had financial difficulties. Perhaps they had to file for bankruptcy or foreclose their home. We all feel bad that it happens and we certainly don’t want that to happen to us. We can prevent this by electing to apply for a Phoenix short sale and avoid the trouble of getting into even more debt. There is nothing worse than facing a pile of debt that you can’t overcome.
The harder your financial situation is, the more likely you will qualify for a short sale. Most often, you have to prove to the lender that your financial situation is bad enough that you cannot pay your debts or deficiencies. In this case, you will most likely be granted a short sale. If this is you, then I would strongly recommend you choose a short sale. A Phoenix short sale is when the lender is permitted by the lender to sell his or her home for less than what they owe on it (outstanding balance). Of course, for this to happen, the lender (often times the bank or any other financial institution) MUST give the consent to do this.
It doesn’t take a rocket scientist to understand the consequences of going bankrupt are. One of the main purposes of a Phoenix short sale is to keep you from filing for bankruptcy. Your credit score will damage your ability to ever receive a Mortgage for future purposes. It’s also demoralizing to foreclose your home and property. A short sale will hurt your credit, but it is a lot better than going bankrupt. Even though there is a lot of paperwork to deal with for the application to a short sale, the benefits greatly outweigh the time and effort to fill it out.
For More Information See www.listthesale.com