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.