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Big city experience with a small firm feel. Trusts & estate planning in Scottsdale, Arizona.
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Scottsdale Short Sale Negotiation

Stuck with an underwater mortgage?

If you owe more on your home mortgage than the property is worth on the Scottsdale real estate market, you are not alone. Data analysis firm CoreLogic recently reported that the number of underwater mortgages nationwide is currently sitting at more than 11 million, a figure which represents nearly a quarter of all homes in the country. Closer to home, Arizona mortgage borrowers have the second-highest loan-to-value ratio, owing an average of 89 percent of the full value of their homes. Nearly half – 43.4 percent – of all homes in this state have underwater mortgages, and statewide there is a staggering $221.71 billion in outstanding mortgage debt. The fact that you are one of countless other homeowners who have an upside-down mortgage may give you some solace, but it does not make the situation any easier.

Don't let a foreclosure happen to you!

Most people whose home mortgages are underwater face a situation that could be described as being hopeless. Even if they continue to be able to afford their monthly mortgage payment, it may be years before they ever begin to build equity in the property. To make matters worse, a large percentage of people in this position are struggling to keep up with their payments and are threatened with foreclosure, meaning that they are likely to end up losing their homes no matter how hard they try to avoid such a disastrous outcome. Fortunately, you may be able to get out of this difficult situation by hiring a Scottsdale real estate attorney to represent you in short sale negotiations with the bank.

Short Sales Explained

In a short sale, the mortgage lender allows the borrower to sell the property at the highest price it will fetch on the real estate market, despite the fact that this price will end up being less than the remaining balance on the loan. Thanks to Arizona's anti-deficiency law, the bank is not unable to sue the borrower to pay for the difference between the loan balance and the sale price. Short sales mean that the bank will have to write off a certain amount of the debt, but the fact is that this loss is very often less than the costs of conducting a full foreclosure. According to a report made to the U.S. Senate, a foreclosure will cost a bank an average of $50,000 in expenses including legal fees and lost revenues during the period when the loan is in default and until the property is sold to a new borrower. A short sale will still damage your credit, but you will not end up with a foreclosure on your credit report, and after a relatively short period of time you will be able to apply for a new mortgage.

Need an Attorney for a Short Sale in Scottsdale?

Convincing a mortgage lender to approve a request for a short sale is no easy task, and it is very much in your best interests to hire a real estate lawyer who can represent you throughout the entire process. A Scottsdale attorney from Grant N. McKeehan, PLC can assist you with gathering the necessary financial documentation and other evidence that may be necessary to prove that you are suffering from some type of economic hardship which makes it impossible for you to realistically continue to afford your mortgage. Your attorney can also negotiate with the bank on your behalf to persuade them to approve your request, as well as working to resolve any complications that might arise along the way. To discuss your situation and learn whether a short sale is the best strategy for you, contact the Scottsdale firm now!

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Grant N. McKeehan, PLC - Scottsdale Estate Planning Attorney
Located at 4204 North Brown Avenue Scottsdale, AZ 85251. View Map
Phone: (888) 913-8943 | Local Phone: (602) 791-6174.
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