While Scottsdale is a very nice suburb to live in, some people might find it difficult to be able to afford the rising cost of living in the urban area. When it was once within their means to afford a home in the area, the rising costs of living and unpredictable job market might bring financial stress on some families, leaving them unable to stay current on their mortgage payments. If you are in this situation, then you should consider a short sale. A short sale on a Scottsdale home is essentially where the lender agrees that it is acceptable to sell a property at a reasonable loss rather than make the borrower go through the process of foreclosure or keep pressing them to stay current on their mortgage. This agreement can benefit both the lender and the borrower, because home foreclosure is often a hassle for both parties, where paperwork, fees, and the lasting impression left on one’s credit make foreclosure a last report to most people.
A short sale can alleviate the potential for resorting this option. While the borrower might still be obliged to pay the difference in the original value of the mortgage and the value agreed upon with a short sale, this can still be a relief to the borrower because they will not have to worry as much about being responsible for such a large asset. In the end, a short sale can reduce the strain on a family’s budget. There are many lenders in the Scottsdale area who would be willing to consider this arrangement, and there are subsequently many people in the area who can help you and a bank arrange the terms of such an agreement.