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Alternatives To Arizona Foreclosure

by Charlie Allred

Lets chat for a minute about alternatives to Arizona foreclosure… You already know that I feel that the Arizona short sale is by far the best option, but there are other plans out there. So I want to share them with you today here.

And again, I personally recommend the Arizona short sale because the other options I am going to share with you are not very likely.

1) Payoff Or Refinance: Of course with rates being attractive right now this would be a fine option if your situation allows for a refinance. The thing is, the lender is going to work off of combined LTV on the property. So unless your situation is such that you put a great deal down, maybe 30 – 50 percent you may find that you are still upside down on the property with little chance of having an LTV that would be attractive to a lender.

Which means that your chances of refinancing the home are slim. Obviously, you should contact us and speak with a professional that we recommend, just understand that the odds may not be in your favor.

2) Reinstate The Loan: Basically this is where you would be in a position to catch up your payments. For example, maybe you are 4 months behind and you call the bank for the amount you need to pay to get current. Lets say your payments are 1500 per month so you owe 6k plus fees. You pay the 6k and fees, but in some cases we find that the Trustee Sale is not called off. So you must be careful and be sure to get your home cleared of that Trustee Sale… Even if you have caught up your payments.

3) Loan Modifications: The numbers show that loan modifications do not work. Less than 10% of all loan modification applications even get approved! Then, in the case of those that do get approved the vast majority of people end up in the same position and behind on their payments. Loan modification are usually a short term or temporary fix to a more significant underlying problem.

All in all the Arizona short sale is by far the best option if you find yourself in trouble on your home loan. Learn more about Arizona short sales today.

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