There are many people who bought homes in Ahwatukee when the economy was better and they thought they could comfortably afford it. Times and people’s financial means can easily change in a bad economy, however, and some people are finding it difficult to maintain their current mortgage payments. In these cases, one option that allows people to avoid foreclosure is to try and arrange a short sale with your lender. A short sale is where the Ahwatukee lender agrees to sell a property for moderately less than the original agreed upon terms. There are several reasons why a lender might agree to a short sale, but there are also a lot of reasons that would cause them to reject such an offer. In order to have the most success getting a lender to agree to a short sale of your Ahwatukee home, you should be prepared to provide all of the recent financial information that supports the claim that a short sale is a better option to home foreclosure for both parties.
If you prove that it will be impossible for you to continue staying current under the current terms of your mortgage, and demonstrate that a short sale will eventually save the bank or lender more money than all the fees and paperwork associated with foreclosure, then many will be more likely to consider a short sale. This can be a stressful and sometimes aggravating experience, but it is one of the better precautionary options that people have to avoid bankruptcy or home foreclosure, which is surely a worse fate. You should not be embarrassed to have to consider a short sale, but you should be smart in knowing what you are getting into when you decide to do this because the best informed people often have the most success. In many cases this is a better option for both the lender and the borrower, because there are significant fees and credit consequences to home foreclosure, and in some situations, a short sale will decrease the final balance that a person owes on an Ahwatukee property and simultaneously reduce the financial risk to the lender.