LAW OFFICE OF BARRY W. ROREX, PLC

AFFORDABLE LEGAL REPRESENTATION                                                                   (520) 495-7596

SHORT SALES
BENEFITS FOR THE HOMEOWNER OR FOR THE BANK?

Short sales are one of the most misunderstood of all real estate transactions. Many borrowers, behind on their mortgage payments, believe a short sale will allow them to resolve the problem and prevent a foreclosure without adverse consequences. Such is rarely the case and, in some situations, the short sale can actually make matters worse than a foreclosure. Homeowners considering a short sale are urged to consult both a knowledgeable real estate professional and an experienced attorney to determine the advisability of pursuing such a strategy and assisting with its execution.


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(520) 495-7596.

At its most basic, a short sale is simply a real estate transaction where a lender consents to allow the borrower to sell the property for less than the amount owed on the mortgage (or mortgages). There are several reasons why a lender may be willing to allow such a concession. Usually, the primary motivation is that the lender determines they will be better off accepting less money but getting the problem loan off their books. If a lender comes to realize there is little chance that the borrower will continue to make payments on a loan, and the property value has declined below the loan amount, a short sale can make the best of an already bad situation.

For the borrower, the appeal of a short sale is the chance to avoid the foreclosure process, shorten the inevitable loss of the property and, hopefully, suffer less of a hit to credit scores and other credit related consequences.

What could possibly go wrong?

 Not all short sales are created equal. First, a borrower must obtain lender consent in order to proceed with a short sale. In bygone days, when real estate prices were steadily increasing, this ws less of a problem. In today’s reality, lenders are not as anxious to add more real estate to their unsold inventory. Often the loan has been sold to an investor and obtaining consent can be difficult and time consuming.




THE MYTH OF THE SHORT SALE





DOES ARIZONA'S ANTI-DEFICIENCY STATUTE APPLY TO SHORT SALES?

 






Arizona foreclosure laws are complex and often confusing. The Law Office of Barry W. Rorex can assist you through this very traumatic experience. We can review your documents, assess your options, negotiate with lenders, and pursue all of your legal remedies, including bankruptcy, litigation and strategic foreclosure. 

Call (520) 495-7596 
There is no charge for an initial consultation.

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Law Office of Barry W. Rorex, PLC
2 East Congress Street, Suite 900
Tucson, AZ 85701
(520) 495-7596
FAX (520) 838-8061





















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