I met with the Reyes family at their Phoenix area home after they had been turned down from a loan modification. With a trustee sale looming only 3 weeks away, they were very frustrated and unsure of what their options were. After a substantial decrease in income, they were no longer able to afford their monthly payments, and tried to work with the bank on lowering their payments. Unfortunately their loan modification was denied, and they were unsure of what their next move would be. They did want to own another home in the future, and did not want to have a foreclosure on their credit. I met with them, and explained their options, and they decided a short sale would be the best route.
We priced the Phoenix property below market value, though still at a value that fell within the range of recently sold homes in the neighborhood. We received 3 offers over the weekend, and submitted a full short sale package with the accepted offer. HSBC, which was the bank servicing this mortgage, acted quickly and approved the short sale within 2 weeks. They also included $2500 relocation assistance to help the seller move which was very beneficial.
Not all short sales move this quickly and smoothly, but including a full package, pricing the property correctly, and following up diligently are key to successful short sale transactions. The Reyes were happy to avoid foreclosure, and plan on purchasing another home in Phoenix in 2-3 years.
If you or somebody you know may benefit from receiving information on alternatives to foreclosure including loan modification and short sale then click this link right now: www.AZForeclosureHelpToday.com