Scottsdale, AZ (PressExposure) October 08, 2011 -- WhatIsAShortSaleinArizona.com today announced its free Arizona Short Sale Consultation service on its new website enabling thousands of Arizona homeowners behind, or unable to make their mortgage payments and in danger of losing their homes, ruining their credit and potentially harming their ability to seek gainful employment in the future to learn about the options and benefits a short sale may provide.
According to certain estimates approximately 12 million homeowners are in foreclosure or in danger of entering into foreclosure in the next 18 months. Foreclosures present significant downsides for both the borrower and the lender. Home values have decreased nationally an average of 35% in the past few years following the real estate bubble burst leaving homeowners and lenders in a tough position.
For the borrower a foreclosure dramatically damages their credit rating, prevents them from purchasing a home for 5 to 7 years, may affect their ability to gain future employment, is psychologically and emotionally taxing and doesn't necessarily mean they don't still owe the balance of their loan.
For the lender they are still stuck with a non-performing loan, plus are now in the property management business -- one they are not interested in participating.
"A short sale presents a win-win opportunity in a bad situation," commented Realtor Joe Pantano, "homeowners have the ability to salvage at least part of their credit rating, potentially reduce their tax and future payment liabilities, stay in their home while the Arizona Short Sale [http://whatisashortsaleinarizona.com] is in process and possibly purchase a new home in 2 years and may even have the ability to purchase immediately after a short sale."
The differences between a foreclosure vs. a short sale in Arizona significant for both the borrower and the lender are significant.
"An Arizona Short Sale provides the lender the opportunity to hopefully recover a fair market value portion of the outstanding loan, while not having to bear the cost of maintaining and disposing of underperforming real estate assets," stated Pantano.
Details of the Federal and State sponsored Short Sale Assistance plans which can provide up to $4,500 in assistance plus 3% closing costs on Arizona Short Sales for qualified homeowners can be found at [http://whatisashortsaleinarizona.com/arizona-hafa/]. The Program referred to as "Save Our Home AZ" by the AZ Dept. of Housing.