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Arizona Short Sale Or Loan Modification?

by Charlie Allred

Wondering what your options are for avoiding foreclosure in Arizona? Maybe you are interested in looking at what it will take to do a loan modification… Here’s what I have found in regard to those facing financial hardship and unable to pay their mortgage payments.

When it comes to the option of performing a loan modification as a means of helping you to regain your financial footing and move toward solvency, the simple facts in and around loan modifications are these: They almost never reduce your principle amount owed, its usually a rate or payment adjustment. When all is said and done and the loan modification is approved, the troubled homeowner may only have just enough money to survive on after the mortgage payment is taken from his monthly income. Finally, going this route can even reduce your chances of performing a short sale in Arizona.

Companies who perform or facilitate loan modifications have fees associated with their services that can range from 1500.00 dollars to 3000.00 dollars or more. The real kicker is that there is no guarantee that your mod will be successful!

An Arizona short sale by contrast… may not cost you a dime to perform. And, by choosing the right short sale expert you can give yourself a high probability of successfully completing the transaction which will offer you may benefits over things like loan mods.

First, your credit score is usually impacted in a lesser way, especially when compared to Arizona foreclosure proceedings. Secondly, you can get out of your “upside down on the loan” situation. But probably the most important thing is that you can have your loan balance forgiven. Or, in many cases the Arizona Anti-Deficiency Law will prevent your lender from coming after you for the loan balance!

Be sure and read more about the Arizona short sale process and get the facts before you do anything.

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