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Foreclosures & Short Sales Archives

The Dos and Don'ts After a Car Accident

Do you know what to and what not to do after a car accident?

Arizona is among the top 10 states who have the worst drivers, according to a report from USA Today. According to the Arizona Department of Transportation in 2016, there was a car accident approximately every four minutes in Arizona alone. That means there was a total of 126,845 accidents in the year making that an 8.62% increase from 2015.

Borrowers Find Justice after Getting Slammed by the Real Estate Collapse

What Happens When the Real Estate Industry Collapses

In 2009, a nice couple came to me because they felt they had been taken advantage of when they purchased their retirement home in the White Mountains in eastern Arizona. About a year after they purchased their home, they tried to refinance the mortgage. In going through this process, they quickly discovered that there were problems with the original appraisal and that the home was not worth anything close to what they originally paid for it. As such, it was impossible to refinance the loan since the real value of the home was so much less than the outstanding loan amount.

Liability for Borrowers Who Participated in "Cash Out" Refinancing

During the real estate boom in Arizona, many borrowers tapped into their home equity by refinancing their loans and taking "cash out". In many instances, rather than taking out a 2nd loan or a home equity line of credit ("HELOC"), borrowers would simply refinance their original loan for a much higher amount and toke cash out of the deal, thereby increasing their loan balance significantly.

Is Now a Good Time to Short Sale My Home?

In a recent article, we discussed why a short sale might be a better option than simply walking away from your home and letting it go via foreclosure or a trustee's sale. For the reasons stated in that article, we still believe that a short sale - though requiring a little more work on the borrower's part - is a much better option than a foreclosure.

Tax Consequences of a Short Sale or Foreclosure in Arizona

Short Sale or Foreclosure?

In my practice over the last couple of years, I have met with countless clients to discuss with them their "underwater" homes. Typically, these clients want to know what are their options with their homes and the outstanding loans. They ask if they should pursue a short sale, or if they should walk away allowing the home to go into foreclosure, or what is their potential liability to the lender should either a short sale or foreclosure occur.

HARP 2.0

Mortgage rates are currently at record lows. A borrower can now get a 30-year fixed rate loan for as little as 3.375%.

The "Walk Away" vs. The "Short Sale" in Arizona

I get a lot of calls from people who are looking for foreclosure or short sale help in Arizona. With these calls, I consult with a lot of people about their options when it comes to either walking away or pursuing a short sale. I will state at the outset that I almost always advise borrowers to diligently pursue a short sale as opposed to just walking away from their home and their loan. Also, to clear up some confusion, the "walk away" vs. the "short sale" decision is not an "either-or" proposition. Once you stop making your loan payment, you have started on the path towards a foreclosure (or trustee's sale). The real question is not "foreclosure" or "short sale", but rather can you successfully pull off a short sale before you get to the foreclosure finish-line.

The Most Home Sales in June in a Decade

Highest Home Sales in 10 Years

According to the Arizona Regional Multiple Listing Service, there were an astonishing 11,125 residential unit sales last month. This is incredible considering that there were more homes sold in June 2011 than were sold in June 2005, the height of the real estate boom. In fact, the 11,125 units sold in June 2011 is the most home sales in the month of June in a decade.

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