Banks seem to be more willing to sell homes for less than what is owed. For the first time, short sales have outnumbered foreclosures in America.
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Banks seem to be more willing to sell homes for less than what is owed. For the first time, short sales have outnumbered foreclosures in America. According to new figures released by the Arizona Regional Multiple Listing Service Inc., areas like Mesa and Scottsdale saw increased foreclosure and short sale activity in the month of March. If you have been following my Real Estate Law Blog posts you may have already read about some of the recent legal developments related to foreclosures and short sales in Arizona. However, in light of a new Court of Appeals case just decided last month, I felt it was time for a summary [...] House Bill 2584, just introduced, would prevent both first and junior lenders from suing a borrower for the remaining debt on their loan if the lenders agree to a short sale. The new law would be added to Arizona’s anti-deficiency laws, A.R.S. 33-729 (as 33-729.01) and A.R.S. 33-814 (as 33-814.01).
Rental scams abound in today’s volatile housing market. In his witty Scam Alert article, Anatomy of a Rental Scam, Jay Thompson provides a play by play account of his experience with a scamer advertising on CraigsList. Be careful, it’s scary out there. If you are thinking about trying to short sell your home, first be sure you can answer the following questions: 1. Have you evaluated your specific situation to determine whether you believe your lender will approve a short sale, based on your personal circumstances? 2. Do you know what important protections to look for [...] Arizona real estate attorney and former Arizona realtor Jeana Morrissey has a lot of experience involving residential foreclosures and short sales. In parts 1 and 2 of these videos, Jeana discusses the questions that people typically ask her about issues that arise when home owners do short sales of Arizona residential real estate. Short Sale Basics [...] |
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