Want Short Sale Or Foreclosure Advice? Are You Trying To Stop Foreclosure In Arizona By Short Selling Your Home?

ARE YOU INTERESTED IN SHORT SALES? ARE YOU ASKING YOURSELF "HOW TO SHORT SALE MY HOUSE?" ARE YOU TIRED OF FEELING LIKE YOUR SINKING IN DEBT?

HTTP://WWW.SELLQUICKFORCASH.COM CAN PAY CASH FOR YOUR ARIZONA HOUSE FAST! WE BUY AND NEGOTIATE SHORT SALES!

A lot of homeowners that visit our website call us to understand HOW SHORT SALES WORK? I created this quick Blog post to give a fast explanation on the ins and outs of short sales in Arizona, as well as give a good understanding of the short sale process! The following are some general questions we get when homeowners call:

Is doing a Short Sale a good option for a homeowner that is having a tough time selling in today’s market because they owe as much or more than their house is worth?

First, we have to understand the three major areas of a homeowner’s life that a short sale could affect:

1. Credit Issues

A short sale may adversely affect a borrower's credit rating because a lender can report for seven years that a loan has been "settled" for less than its balance. Although a lender is unlikely to change what it reports to credit bureaus, a borrower may attempt to negotiate this issue when arranging the short sale or request a letter from the lender detailing any extenuating circumstances surrounding the short sale. We use http://www.genesiscreditgroup.com/ when dealing with any credit concerns!

2. Deficiency Judgment

In order to recoup any shortfall in the final sales price, including attorney's fees, court costs, and accrued interest charges, the lender must file a deficiency judgment. A deficiency judgment is defined as a judgment that has been issued when the collateral for the loan is inadequate to satisfy the lender's debt completely. Arizona is a Non-Deficiency State meaning that most single family residences are not at risk to cover the difference between the amount owed, and the amount accepted from a Short Sale. According to http://www.azleg.state.az.us/ars/33/00814.htm the law is as follows:

33-814. Action to recover balance after sale or foreclosure on property under trust deed

F. A deed of trust may, by express language, validly prohibit the recovery of any balance due after trust property is sold pursuant to the trustee's power of sale, or the trust deed is foreclosed in the manner provided by law for the foreclosure of mortgages on real property.

G. If trust property of two and one-half acres or less which is limited to and utilized for either a single one-family or a single two-family dwelling is sold pursuant to the trustee's power of sale, no action may be maintained to recover any difference between the amount obtained by sale and the amount of the indebtedness and any interest, costs and expenses.

Lets Recap:

Arizona is a non-deficiency state and as long as your home qualifies under the above foreclosure laws, you do not have to pay back the difference between what you owed, and what you finally sell your home for! Just to be safe, a good Realtor or Investor should negotiate for the lender to put in writing to waive their right for a deficiency.

3. Tax Complications

When completing a Short Sale, possible tax issues can arise for the homeowner. As such, an owner considering a Short Sale should be encouraged to discuss these issues with an attorney, accountant, or other appropriate professional. From my understanding, the debt forgiven by a lender is generally taxable to the borrower as "debt discharge income." When a taxpayer receives proceeds from a new loan, those proceeds are not taxable income because there is an offsetting obligation to repay. However, if the debt is cancelled, there may be debt discharge income. This basically means that if you owe $200,000 and Short Sale the home for $150,000, on your next tax return it could look like you have $50,000 worth of earned income from the sale of your residence and would be treated as taxable income. IRS Form 1099-C: Cancellation of Debt will be sent to you at the end of the year.

BREAKING NEWS! H.R. 1876: The Mortgage Forgiveness Debt Relief Act of 2007 would eliminate the tax owed on any forgiven mortgage debt. This bill has been passed and signed into law by the president! The bill permanently eliminates tax on up to $2 million of debt for a principal residence. The best part about this bill is that it is retroactive to January 1st, 2007. This means that any Short Sale conducted after that date automatically is protected from any tax implications! For more info, please visit http://www.whitehouse.gov/news/releases/2007/12/20071220-6.html

Let’s Recap:

The bank accepts a Short Sale, your foreclosure is canceled, and you sell your home for less that what you originally owed. The new House Bill H.R. 1876 should protect you, but if you do not qualify, and you receive a 1099-C: Cancellation of Debt at the end of the year, you still have options! Ask your accountant about the IRS Form 982: Reduction of Tax Attributes Due to Discharge of Indebtedness (http://www.irs.gov/pub/irs-pdf/f982.pdf). If you can prove your insolvency (your expenses outweigh your income) then you should qualify for an exemption and not be taxed on the deficiency.

How does a typical short sale negotiation work (i.e. the general process)?

Short Sales are a difficult and time consuming process that only true professional negotiators should undertake. You only have one shot to get it right or you risk facing a foreclosure on your record! Here's the general process:

1. Initial offer is made and agreed to between buyer and seller (subject to lender's approval) 1-3 days

2. Short Sale package is prepared and submitted to lender - Week One

3. Lender processes the package through their system - Week 2

4. Lender orders a Broker's Price Opinion - Week 3

5. Lender says they can't find the package and asks you to resubmit it. Week 4-5

6. Broker Price Opinion is Performed and submitted to lender - Week 4-5

7. Broker Price Opinion is evaluated by Lender - Week 6

8. Lender says they can't find the package and asks you to resubmit it - Week 6

9. Loss Mitigation Specialist is Assigned and Whole Package is Reviewed - Week 7-8

10. Lender proposes A Counter Offer - Week 9

11. Negotiation Continues - Week 10-12

12. Agreement is reached and the closing takes place within 30 days.

What are some of the negotiating practices you have found to be effective?

First, understand the goals of the parties involved:

• Buyer: Wants to buy as low as possible
• Lender: Wants to sell as high as possible
• Real Estate Investor / Realtor: Wants to buy a property below market value or earn a commission. Also, they want to follow the law in their state.
• Seller: Praying that it all works out and stops the foreclosure

Second, listen more than you talk. The other side always wants to be heard. If you don't let them tell you their side, you are going to lose.

Third, Always let the other side talk first. There is an axiom in negotiating, "He who speaks first loses."

Fourth, remind everyone that you are trying to reach a win/win solution.

Fifth, remember that NO is not a final answer. You may have to go through 7 NO's to get to the YES you want.

Are there any common mistakes you see people make in short sale negotiations?

1. Lenders mistakenly believe the BPO (Brokers Price Opinion) is correct. However, the BPO is usually prepared by an inexperienced agent because the lender only pays @ $50.00 for it. It is our job to influence the BPO to reflect the true market value!

2. Buyers become impatient and lose sight of their goal. If we are negotiating a short sale on behalf of a seller and we find an end buyer other than ourselves to purchase the property, it is our job to keep the end buyer on the line long enough to finish the negotiating process!

3. Becoming angry is a negotiation killer. The Loss Mitigation processors at the banks are overwhelmed with the amount of foreclosures they are getting back on a daily basis. Imagine you working in a call center only dealing with hundreds of angry homeowners and short sale negotiators all day long! It is our job to constantly stay in touch with our assigned Loss Mitigation processor and stay on their good side. We have many negotiating tricks and techniques that get the job done, but avoid pissing off these overworked bank employees!

Can you give me a specific example of a negotiation that went particularly well, or particularly poorly, and why it went the way it did?

Seller Owed: $320,000

We Offered: $199,000

BPO: $219,000

Field Test: $240,000 (This was like an appraisal review)

Lender's Counter-Offer: $240,000 Close in 7 Days

Our Counter-Offer: $209,000Our Offer Was Accepted!

This short sale took two and a half months to complete! The house needed about $15,000 worth of repairs and was in an o.k. location in North Phoenix. The major negotiating stance we took was that it bordered the 202 Freeway, needed some repairs to get it up to a marketable condition, and had over 45 bank owned properties and listed short sales within a 2 mile radius! Our expert negotiator worked diligently on this file and in the end the homeowners avoided foreclosure and we were able to purchase the house for a great deal!

Is there anything else you think is important for homeowners to know?

1. Work with an experienced Real Estate Investment Company or Realtor unless you like to learn things the hard way. Lenders will not allow you to negotiate your own short sale no matter what they tell you in the beginning! Local investment companies all say and do the same things, it is the character one conducts business in, the ethics they abide by, and the systems they have in place that sets a good investment company above the rest.

At SellQuickForCash.com we pride ourselves on our commitment to our clients and their families! We only choose to work with those that we truly feel we can help in their brief period of financial despair!

2. Make sure you have plenty of patience and can stay calm during this time-consuming process. We will do everything in our power to keep you informed every week so you understand where in the process we are! We take great pride in our organization and short sale system we have created and believe we are the best option for homeowners that are upside down, have a verifiable hardship, and need to sell their house quickly to avoid foreclosure.

WWW.SELLQUICKFORCASH.COM/SHORTSALE.HTM

INFO@SELLQUICKFORCASH.COM

480-861-8732

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Local Short Sale Experts Help Arizona Homeowners Short Sale Their Houses! www.SellQuickForCash.com

Are you asking yourself "How To Do A Short Sale On My House?" How about "What Is The Short Sale Process And How Does It Work?"

www.SellQuickForCash.com Buys Short Sales In Arizona!

It normally starts with by a job loss, death in the family, medical emergency, or option ARM adjusting. You fight to pay your debts, you understand that you don't have enough equity to refinance, and eventually you have to make a choice of which bills to pay....your mortgage, your car, or your credit cards. After you miss that first payment, your mortgage lender starts calling you. By the second month they start harassing you, and by the third month they start threatening you. Their big solution....pay them a large chunk of your arrears (the amount you owe them plus late payments, attorneys fees, and interest) and the rest will be spread out over a year's time increasing your monthly payments by hundreds of dollars. WOW, what a solution...let's raise my payments seeing how I am just overwhelmed with extra money each month!

So you accept the forbearance plan and try paying your lender what they want, quickly realizing how impossible this task really is. Finally you give up and miss some more payments resulting in the lender(s) filling for foreclosure. You ask yourself "what are my options?" Fortunately you have some choices...let's review them here:

Option #1: Pay Off Your Arrears

This option only works if you actually have some money, or have the ability to borrow some money. This is by far your best option, but lets be real...if you have money you probably won't be facing these circumstances and you would be reading this purely for entertainment purposes.

Option #2: Deed-In-Lieu

The process of transferring ownership from you back to the lender is called a Deed in Lieu of Foreclosure, and it is sometimes referred to as a "friendly foreclosure". If there are no other liens on the title, the lender may agree to take the property back. Unfortunately this option does not protect your credit, nor will it cut off the rights to the junior lien holders so this normally only works if there is only one loan on the property. Also, this option avoids the possibility of a deficiency judgment in the event the property fails to produce enough income to cover the outstanding debts after it goes to auction. If you have a lot of equity in your home, this is a horrible options seeing how you will give up your rights to receive any surplus from the auction!

Option #3: Do Nothing And Let It Go To Auction

This is by far the worst of your options. A foreclosure on your record has a devastating impact on your credit, your health, your love life, your job, basically all daily activities for about 7-10 years. You will be evicted from your home and you will leave with nothing in hand. You must try something, anything to stop this from happening. You have many options if you have a ton of equity in your property, but the walls can feel like their closing in if you are upside down in your home. Fortunately there is a solution!

Option #4: A Short Sale

A Real Estate Short Sale refers to a lender(s) accepting a sales price that is less than what is currently owed plus all related sales expenses. This is common in a declining housing market and can be a win-win for both the bank and the homeowner. Normally a bank will begin to look at the short sale option only if the homeowner is behind on payments and begins to face foreclosure. The process works like this:

• The homeowner(s) begin to miss payments


• The lender(s) try to arrange a repayment plan


• The repayment plan fails or is never attempted and the bank mentions a short sale

Requirements for a short sale are:

• A proven financial hardship


• Behind on payments (In most circumstances)


• You owe as much or more than your home is currently worth


• The homeowner requestS a short sale packet from their lender(s)


• The bank notifies the homeowner(s) that they can't turn in the short sale packet until they have a signed purchase contract


• The homeowner(s) have to decide what to do next

http://www.sellquickforcash.com/ specializes in negotiating short sales for Arizona homeowners. At www.sellquickforcash.com we buy houses fast for cash with no Realtors, Fees, or Hassles!

WWW.SELLQUICKFORCASH.COM has a team of highly trained short sale experts who have established fantastic relationships with most banks. We will handle your short sale transaction for you giving you the peace of mind you are searching for. The short sale process is NOT a "do it yourself" project. To successfully negotiate a short sale with a bank takes an experienced and highly trained real estate agent as well as a skilled negotiator. Our advanced process is extremely organized and we conduct these short sales in the quickest time possible relieving you of the fear of foreclosure!

CALL 480-861-8732 OR GO TO http://www.sellquickforcash.com/shortsale.htm NOW!

How To Stop Foreclosure In Arizona By Contacting www.SellQuickForCash.com Today - 480-861-8732

HOW TO STOP FORECLOSURE IN ARIZONA IS SIMPLE WHEN YOU CONTACT http://www.sellquickforcash.com/

If you are FACING FORECLOSURE in Arizona and feel like time is running out, take a deep breath of relief and begin educating yourself on your options by visiting SellQuickForCash.com's website. We have placed tons of free, relevant information that will help you understand your situation, as well as the options and solutions available to you. We understand that you are not in foreclosure, but your house is...and that the financial pressures you are facing are short term and can be remedied by choosing the correct solution. Our team of foreclosure experts are highly trained and educated on Arizona's Foreclosure Process and have access to quick cash so if you are feeling overwhelmed with stress and want to team up with true experts, CONTACT US TODAY.

TAKE CONTROL NOW!

Many homeowners find themselves being bullied around by their lender(s), inundated with mailings, and annoyed with random door-knockers! Many homeowners find themselves trying to sell, but not able to find a qualified buyer in a timely manner. Take control from the start by educating yourself on your distinctive situation and choose to work with those you can trust. We understand every aspect of the foreclosure process, are up to date on Arizona's Foreclosure Laws, and can help you avoid your foreclosure but you must call now. Time is not your friend and the faster you call, the more options that will be available to you and your family! IF YOUR FACING FORECLOSURE, CALL 480-861-8732 NOW TO SPEAK WITH ONE OF OUR HOME BUYING SPECIALISTS.


YOU ARE NOT ALONE!


According to an article in CNN-Money, 1 out of every 74 Phoenix-Metro Homeowners has filed for foreclosure since the beginning of the year. The sub-prime meltdown along with those painful interest rate hikes associated with interest only ARM's are forcing more and more homeowners to face foreclosure. At SellQuickForCash.com, we understand that bad things happen to good people and our specialists are waiting to create a custom tailored solutions to your housing problem.

DOES THIS SOUND FAMILIAR:

• "I've tried to work it out with my mortgage company, but their big solution is to raise my payments to cover the back payments I missed."


• "I have tried to contact the mortgage company but they won't call me back."


• "My adjustable rate mortgage went up and I can't afford the payments. Now I am late 2 payments and can't foresee how I am going to make them up!"


• "They set me up in a Forbearance Plan but I can't afford the payments...What can I do?"


• "The Lady working for my lender was rude...as if I was a burden and not worth trying to help."

NO MATER WHAT YOUR SITUATION, WE CAN HELP!

We Have helped Arizona families avoid foreclosure, save their credit, and keep their equity. If you are looking to save your home, we have many options for that as well. No matter what your situation is, we look forward to offering real solutions that fit your needs. WE CAN STOP FORECLOSURE.

Our Services Are Fast, Friendly, And Flexible. We Take Great Pride In Our Ethics And Business Standards!

http://www.sellquickforcash.com/

INFO@SELLQUICKFORCASH.COM

480-861-8732

www.SellQuickForCash.com Can Stop Foreclosure And Negotiate Short Sales In Arizona - 480-861-8732

Arizona Foreclosure Specialists Can Stop Foreclosure And Negotiate Your Short Sale!

Are You Asking Yourself "How To Stop Foreclosure And Short Sale My Home?"

www.SellQuickForCash.com Is Comprised Of A Team Of Short Sale Specialists That Are Experts In Arizona's Foreclosure Process And Can Negotiate A Short Sale On Your Behalf With Your Lender!

If you are tired of empty promises from Un-knowledgable Realtors, Random Investors, and so called Short Sale Guru's, then contact a local company that has a proven track record negotiating Arizona Short Sales. SellQuickForCash.com can help you stop foreclosure in Arizona fast releasing you from your housing burdens. If you are upside down on your mortgage, facing foreclosure, and have a verifiable hardship as to why you are in the situation you are in, then you might qualify for a short sale in a negotiated settlement with your bank.

No matter what anyone tells you, short sales are difficult to do and you only have one shot to do it right. Why put your trust into a person or a company that talks the talk but can't verify their real capabilities! We invite you to PUT US TO THE TEST by going onto our website, reading our testimonials, educating yourself on the short sale process (our website has tons of free information), and finally calling us at 480-861-8732. We conduct Dozens of Short Sales on a monthly basis with outstanding results. Our Loss Mitigation Specialists are highly trained in negotiation techniques as well as the Arizona Foreclosure Process. When you decide to use our company, you will be assigned a personal Loss Mitigation Rep that will educate you further on your situation and what to expect. The will have weekly updates keeping you in the loop at all times. A licensed Realtor will also be assigned to you to answer any questions you might have as well as facilitate your listing. We have a proven system that get real results so make the right choice and CLICK HERE TO START EDUCATING YOURSELF ON YOUR OPTIONS.

If you are Facing Foreclosure and are not upside down on your mortgage, we have solutions for you to! No matter what your situation, if you are trying to sell your house fast for cash, and do not have the time to sell it traditionally with a Realtor or For Sale By Owner, then you should contact us immediately to learn what SellQuickForCash.com can do for you.

Why Live With The Paralyzing Stress Of Foreclosure When You Could Hire TRUE SPECIALISTS That Can Produce REAL RESULTS?

When Your Ready, Please Submit Your Property To Our Website And Verify That We Are The Real Deal! We Can Help You Sell Your House Fast! We Look Forward To Discussing The Options Available To You Regarding Short Selling Your Arizona Home.

http://www.sellquickforcash.com/

INFO@SELLQUICKFORCASH.COM

480-861-8732