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As a homeowner in Phoenix, are you finding it impossible to pay your mortgage? If you are behind several months in your payments, you may fear foreclosure is looming in your future. A short sale is one option that will help you avoid this process, and protect your credit to a certain extent. This article will explain a bit about how the process works, and why it is necessary that a skilled Arizona realtor assist you should you decide to go this routs.

Some people will advise you against a short sale, saying that it is a long, drawn out process that is really more trouble than it’s worth. Why does it take so long? Usually, finding a qualified buyer and getting the necessary paperwork together is what slows things down. This is why it is recommended that you use a real estate agent that is experienced and knowledgeable in the process. They can quickly find a buyer for your home and get the ball rolling.

You absolutely want to avoid foreclosure if there is any way. Besides the stigma many people associate with foreclosure, it destroys your credit. Buying another home of your own is something you won’t be able to do for at least 5 to 7 years, and your credit will be in shambles. In Phoenix, if you decide upon a short sale you can generally purchase another home within just a couple of years, and your credit is not as badly damaged because your lender marks your property as “paid” on the books.

If you decide to try the short sale route, you will need to submit a few things to your lender, including a letter of hardship explaining why you are unable to pay your mortgage. Reasons for a hardship include loss of employment, divorce, a death in the family, etc. You might also need to gather other documents like bank statements, tax returns and paycheck stubs. When you choose a Phoenix realtor who is a skilled negotiator, he/she will help you gather all you need to submit to the lender

Most lenders would rather take a loss on your home than carry an unoccupied property on their books. Your real estate agent can find the right buyer for your home, then submit their offer to your lender for approval. The buyer should be willing to pay a fair amount for your home, as most lenders will not accept a ridiculously low offer.

Not everyone will qualify for a short sale, but it is definitely worth a try if you find yourself upside down in your mortgage! Many homeowners are struggling right now, and at a certain point you realize there is no way out other than walking away from you home. Before you do that, contact a highly respected Phoenix realtor who is an expert in the short sale process, and can help you determine what is best for your individual situation.