If you are facing foreclosure, you may not be able to remove yourself emotionally from the process enough to do the math and realize that holding on to your property just doesn’t make good financial sense.

Let’s assume that you owe $250,000 on a 3 year old home that is now worth $100,000. Let’s also assume that the Phoenix market recovers and homes starts to appreciate by 5% per year.  First, it would take roughly 10 years just to get to a break even point; meaning that you have paid the mortgage down and the value has increased such that there is zero equity.  It would then take roughly another 17 years to pay the house off.  No one typically stays in a house that long however.

Now let’s look at another scenario. Let’s assume one of our short sale experts gets your short sale approved and you sell the home and no longer have a mortgage.  You take the next 3 years to rent a house and rebuild your savings. Now 3 years later, you are able to put money down on a house the same size as the one you sold, but this time you are paying $110,000 for it. You put 3% down and you start out with equity and start to pay it down. Do you see the huge difference here? In the other scenario, in three years you would still have a negative equity of roughly $100,000. That is a HUGE difference.

Trust me when I say, that I know it is a hard emotional decision.  What I want you to see is what it looks like on the other side of recovery; it looks like money in the bank!

If you have questions about your specific situation, contact us to connect with one of our short sale experts today! No matter if you are in the Phoenix market or any city on the US, we have a trusted network of short sale experts that can help.

If you are facing foreclosure you are not alone. In fact, if it is any consolation you are in the same company as some famous people you might know such as Actor Nicholas Cage, Erin Moran (from Happy Days), Veronica Hurst (of the Hearst publishing family), Lenny Dykstra (former Major League Baseball player), Lisa Wu Hartwell (Real Housewives of Atlanta), and many others.  I didn’t just single these folks out, however. Bankrate.com recently ran an article titled They’re rich and famous and in foreclosure.

The good news is that YOU can get your short sale approved if you are working with the right real estate agent. That would be a real estate agent that specializes in negotiating short sales.  When it comes to the possibility of losing your home there is no time to try to help out a friend or family member.  I am sure they will do their best, but in the end, if you lost your home, the last person you want to hear “I am sorry, but I did my best” from is someone you have a long term relationship with. Every time you see them, you will wonder if you made the right choice, and of course the fact that you lost your home will confirm that you did not.

Contact us today to connect with one of the top short sale agents in the nation. Whether you need a short sale in Phoenix Arizona or any part of the country, we can help you.

I found this interesting infographic and thought I would share it. Of course, the most important statistics for you to know is that most real estate agents are not successful with short sales. If you came to this site looking for short sale assistance (as most do), please know that you will be working with some of the most successful short sale agents in the market. Contact us 800-578-1897 for short sale assistance (and enjoy the infographic).