Why Banks Want You To Fear The Short Sale Method

We wanted to talk to you at the moment about something that is very real. We all have deep rooted fears in life. While I go on listing presentations I speak to people concerning their worries in the short sale world. At hand are lots of fears that folks have with a short sale. They have concerns about what a short sale may do to their credit. They worry what people might think of them for doing a short sale. The neighbors may think that they are taking the easy way out. They additionally have worries from the bank. What will the bank do to them? Will the bank sue me for the deficiency or decided to foreclose. One point I like to remind my clients of is that the fear may get to you if you let it.

In this market, we have seen a 55% depreciation rate. What is staggering regarding this is that home owners are even now making their payments to the bank on a higher loan amount than what their house is truly valued at now.

I would like to take your fear away from you by letting you know that the bank is making money nevertheless. We sit in a picturesque home in Gilbert with a loan at $450,000. The present value is only $225,000. If someone was to purchase my home at this moment, their mortgage payment would be roughly $1700. Our current mortgage payment is about $2800. Subsequently, rest assured that the banks are still making their money.

The government and all of these commercials are talking about how they are helping home owners modify loans. I am still making my payments, although I have a sour taste in my mouth about it. How many people have you talked to that have actually had a loan modification go through.

The banks should do something regarding this. They could lower the loan amounts to what the accurate value is worth and we would not have a short sale market. The distressed marketplace in Phoenix ranks amongst the highest in the country. Don’t be afraid of the short sale. This is the bank’s lone solution to the problem.

Arizona Steve Horn Team can answer your questions. We are Arizona’s Foreclosure Avoidance and Short Sale Specialists.

Get more help from short sale Realtor, Steve Horn, at Homes by the Horn presented by the Steve Horn Team, Short Sale Specialists of Arizona