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Foreclosures Still a Big Problem in Arizona

Though the rate of foreclosures in Arizona has been steadily dropping, the rate of foreclosures in Arizona remains the 2nd highest in the U.S. behind only California.

For years now, I have been advising clients on their potential liability should they lose their home to foreclosure or elect to pursue a short sale. As time has passed, I am noticing that the loan servicers who process the short sales – especially the big banks like Chase, Wells Fargo, and Bank of America – are much more efficient in getting approvals back more quickly.

Earlier this month we closed a short sale for a client through Chase. The property was listed on 5/28/12 and we sent the short sale packet to Chase on 6/13/12. We had final approval on 7/18/12 and closed escrow on 8/10/12.

If your home is underwater and you are in danger of losing your home or you are thinking of strategically walking away, call us to set a low-cost consultation so that you can know exactly what your options are and what is your potential liability.

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