How to Avoid a Foreclosure

How to Avoid a Foreclosure

How to Avoid a Foreclosure 

A short sale can be an excellent solution for homeowners who need to sell, and who owe more on their homes than they are worth. 

What is a short sale by definition?  A sale that involves a homeowner who owes more on their property than what the current market value is. A short sale occurs when a negotiation is entered into with the homeowner's mortgage company (or companies) to accept less than the full balance of the loan at closing. A buyer closes on the property, and the property is then “sold short” of the total value of the mortgage.

In order for a homeowner to qualify for a short sale, they must fall into any or all of the following circumstances:

  • Financial Hardship: There is a situation causing you to have trouble affording your mortgage.
  • Monthly Income Shortfall: In other words: "You have more month than money." A lender will want to see that you cannot afford, or soon will not be able to afford your mortgage.
  • Insolvency: The lender will want to see that you do not have significant liquid assets that would allow you to pay down your mortgage.

A short sale can be a complicated process that takes the expertise of an experienced professional. Frank Russo holds the CDPE® Designation and is ready to identify all possible options and assist in the quick execution of a short sale transaction on your behalf.

If you have questions or feel you may qualify for a short sale, please contact The Russo Team for a free consultation. Understanding your options now could mean all the difference in the world.

602-864-1200 or 

Contact Information

Photo of The Russo Team Real Estate
The Russo Team
RE/MAX Professionals
7111 West Bell Rd. Ste 101
Glendale AZ 85308
Fax: 623-643-1008

RE/MAX Professionals. Each office independently owned and operated.