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Foreclosure in El Mirage : Real Estate Advice

  • All24
  • Local Info3
  • Home Buying6
  • Home Selling1
  • Market Conditions2

Activity 5
Mon Nov 12, 2012
Chris & Michelle Spalding answered:
Buying a house in this market can indeed be tricky. With the gambit of short sales, REOs and limited inventory you really need a good savvy realtor to take you out on the town!

Good luck with your endeavor!

Chris Spalding
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Sun Sep 11, 2011
Vivien L Biggs PLC answered:
Hello Raven,

If you give me the address that you are currently renting I can check to see if the property is going into foreclosure. Regarding your lease once it goes into foreclosure the Bank owns the property and they would have to give you notice to vacate. Also you would not be paying the Landlord the montly payments. I have known cases that the Bank keeps the occupants in the home until they figure out when they want to List it for sale which took several months.

Vivien Biggs, PLC
Prudential Arizona Properties
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Thu Nov 12, 2009
Jeffrey Masich answered:
Hi Steve:

The length of time you live in a house, will probably not affect the bank's decision to foreclose.

Before you consider letting the house go into foreclosure, you may want to consider a short sale. This is often better for the bank and for you.

What is a 'Short Sale'? The “short” sale definition, which deals with the bank’s willingness to release their lien or security interest in a home if it is being sold “short” or for less than the amount that the owner/borrower owes on the mortgage loan to the bank(s).

Behind the scene, the bank(s) (one or two) are negotiating with the owner/borrower for the owner to pay the difference or a portion of the difference between the sale price and the amount on the loan (the short amount). This negotiation is somewhat invisible to the prospective buyer, but is the main reason that the offer/purchase process can take so long (months).

The bank may eventually send the property into a foreclosure if the owner does not agree to sign a note to pay a portion of the “short” amount. The signing of a short sale note by the owner/borrower will not be secured by a mortgage lien associated with the home as it has been released when sold to the new buyer. The net effect of the note for the short amount lowers the amount the bank(s) will have to “write off” or take a loss on for the amount the owner/borrower owes. Note, a foreclosure or short sale, does not prevent the bank from continuing to collect from the owner/borrower, especially if their financial situation improves after the home is foreclosed upon or sold.

The negotiation in the short sale process has several major goals:

1. Owner/borrower looks to sell home for less than is owed and have the bank(s) release their lien on the property
2. Owner/borrower looks to protect their credit rating somewhat in a short sale as opposed to a foreclosure
3. Owner/borrower asks the bank, based on their financial hardship, to write off the balance owed or write off a portion of the balance owed after the short sale proceeds are paid to the bank
4. Bank looks to prevent a foreclosure, expecting the home to get a higher price with the owner taking care of the property. Many foreclosure properties are abused by angry owners. Conversely, a short sale property tends to be in better condition.
5. Listing agent or hired negotiator for owner/borrower presents offers received to the bank(s) negotiators and works on an exit strategy where the bank will write off all, some or none of the difference between the selling short sale price and the amount that the owner owes on the property.

Banks are extremely backed up in the short sale negotiation area. Often they are in no rush to do anything. This allows the homeowner to continue living in the home while the lender is assigning the case internally to a loss mitigator.

For an excellent webinar on the entire short sale process see my website link:

Note, I am not a CPA or financial counselor, see you’re your accountant or lawyer if you ever have specific questions in the short sale or foreclosure area.

If you are unrepresented, let me know if you would like me to sell your home and bring in a short sale negotiator that is professionally trained to represent you to settle with your lender(s) in your best interest. Regards....Jeff

Jeff Masich, Realtor®
Arizona Homes and Land
HomeSmart Real Estate
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Mon Nov 9, 2009
William Squires answered:
I would agree. The time in the Home shouldn't change the law for Foreclosure. ... more
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Wed Jul 8, 2009
Robert G Hertzog Jr answered:
I'm a little confused. Is this a seller carryback loan, whereby the person that sold you the home is carrying the note? Or, is this a Wells Fargo 80/20 Loan?
Regardless, I'm sorry to hear about your situation. Almost 1/3 of all homeowners in the nation (and more than that in AZ) are faced with your same situation. I'm also sorry to hear you did not have any luck with a loan modification (but not surprised). Many of these so-called "experts" are doing what homeowners can just as easily do on their own. I hope you did not waste too much money on their services.
A short sale does sound like your best option. Visit our website. We are CDPE (Certified Distressed Property Experts), and the bulk of our business is helping homeowners like you avoid foreclosure through a short sale. Also, feel free to contact me directly if you have any questions. Either way, good luck!

Bob Hertzog
Summit Home Consultants
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