Short Sales
Is your mortgage higher than the value of your property?
Are you struggling to keep up your mortgage payments?
Have you wondered what your options are?
Where do you turn ?
The Souza Group offers Short Sale Assistance
We're here to listen and work with you towards viable solutions
Sound familiar?
www.shortsalesinarizona.com
Are you feeling overwhelmed?
The American Dream
"My world has turned upside down and I can't seem to find relief. The value of my property is down, my business is slow and my hours are cut. My mortgage payments have increased. I keep getting calls from my creditors. I can't keep it all up. I can't make my monthly obligations. I don't know where to turn. I don't know what to do or where to go."
- V. J. (property owner)
We've heard this story many times and you are not alone.
This situation affects one out of three people in the state of Arizona.
The Souza Group works with you
- in Real Estate Solutions
- downsizing or building a portfolio
- coaching you through the decision making process
- support you through change
- Act as the liaison between you and the lender to ensure all parties work together towards a successful solution
Take the weight off your shoulders! Through our professional brokerage services we offer consultation and coaching programs, that allow us to work with you in developing a sound plan moving forward. You will finally find relief to begin moving forward. Our Services
Contact us today for an initial consultation. We are simply a phone call away. 602-432-3296
Read more about The Souza Group.
FIVE Reasons to Avoid Foreclosure
- The property owner will always have to disclose they have had a foreclosure on any mortgage applications.
- Credit scores will be lowered by 300+ points affecting the ability to get a car, apartment, credit card etc.
- A foreclosure is the one credit report item that is almost impossible to be "repaired."
- Military and government security clearance could be at risk with foreclosure.
- Many employers run credit checks on prospective employees and foreclosure is one of the top items that will put a potential new hire in jeopardy.
Contact Us today for a consultation!
If you are a property owner who is experiencing a financial hardship, that is preventing you from maintaining your mortgage payments, you may be a strong candidate for a short sale. The Souza Group has a team of short sale specialists that work with you throughout the short sale process.
The short sale can offers you an alternative to a foreclosure. It provides a softer financial landing than bankruptcies or foreclosures. A Short sale can take from 45 to 120 days to close. This inconsistency is often the down fall of a short sale, especially for a potential buyer. The property owner must show a financial hardship to the bank in order to be eligible for a short sale.
Example of a Short Sale
-Property owner owes $500,000 on the mortgage.
-Property owner experiences a financial hardship and can no longer make
payments.
-The Souza Group works with the bank and sells the property for $400,000.
- The propertu owner's credit score will be salvaged from foreclosure and the property owner will be relieved of the total of their debt of $500,00.
Contact Us today for a free consultation
Example of a hardship
A hardship is a life changing event for a borrower that can result in their inability to make mortgage payments.
Some examples are:
- Job Loss
- Separation or divorce
- Medical bills
- Inability to work due to health issues
- Death of a spouse
- Job relocation
- Reduced income or unemployment
- Business failure
Definitions of Real Estate Terms
Forebearance - This is an agreed upon time period, usually about 6 months, between you and your bank to provide temporary relief from your high monthly payments. This is a good temporary solution that can relieve you and your family however, only offers temporary relief.
Foreclosure - A legal proceeding in which real estate secured by a mortgage or deed of trust is taken back by the bank as a result of a property owner ceasing to make payments. In the state of Arizona. The Foreclosure Notice is served after 90 days of no mortgage payment.
Loan Modification Working with the bank to get your monthly mortgage payments reduced. Many banks do not participate in this and many companies are charging the mortgage holder high fees to attempt to work out a loan modification with your bank.
Notice of Trustee Sale- NTS same as a home going to auction, or a foreclosure.
Pre-foreclosure - A process where by a default has taken place. Usually a notice of default will have been filed as a first step. If the default is not cured, either a judicial or a non-judicial proceeding is started and property is subject to foreclosure.
REO - Real Estate Owned. Also know as “Bank Owned.” The bank or institution, as the result of default by borrowers and subsequent foreclosure, is now the owner of the property.
Short Sale - A short sale is the sale of a property in which the proceeds are less than the mortgage. When the owner cannot make the mortgage payments, accepting a short sale, can allow the lender to avoid a lengthy and costly foreclosure. For the property owner, the loan is paid off in full and the debt is relieved.
Contact Us today for a free consultation !!!
