Category: Tucson Short Sale Help

Is A Tucson Short Sale Going To Affect My Credit?

Right now we’d like to put to rest one of the more popular myths about completing a Tucson short sale: that it will destroy your credit. First and foremost, it’s important to keep in mind that you should take most short sale information with a grain of salt if it doesn’t come directly from a Tucson short sale expert. There are a number of rumors floating around out there that simply aren’t true and they generally scare many potential short sale clients away because they don’t know the truth.

The tricky thing about your credit and how it will be impacted by a Tucson short sale is that there really isn’t any way to tell until the transaction is completed. There are a few positive things to note, however. Completing a Tucson short sale will always affect your credit far less than if your home is foreclosed on. In fact, many homeowners that have completed a Tucson short sale in the past report that they were able to obtain a loan and purchase bigger items, such as a new car, within a few months to a year of closing on their short sale; this generally isn’t possible with a foreclosure on your record.

One piece of advice that any Tucson short sale agent will tell you is that if you’re facing foreclosure or need to complete a short sale, time is of the essence. The sooner your take action and begin the process, the less of an impact to your credit. This is generally where many people that complete short sales take the biggest hit to their credit scores; they wait too long and have too many missed payments before they begin the process.

Even if you’re still current on your mortgage but feel that a Tucson short sale is in your near future, it’s never too late to talk to a realtor and see what you can do to mitigate the effects of a Tucson short sale on your credit score.

Tucson Short Sale Package: What Do I Include?

If you’ve started the process of selling your home on the Tucson short sale market or if you’re about to do so, you may be wondering what you need to include in the short sale package that your lender requires. While this often depends on your specific lender and what short sale programs they offer, there are certain items that generally all banks need.

Perhaps the most important piece of information that is required for your Tucson short sale package is the hardship letter. This letter is written by you, the homeowner, and is essentially your chance to explain why you need to complete a Tucson short sale on your home. Are you underwater, did you lose your job and are falling behind on your mortgage? Your lender is going to want to know why you’re unable to complete a traditional sale and what you’ve attempted to do to reconcile the problem.

Also included in the package to complete your Tucson short sale are financial documents, such as tax returns, paystubs, bank statements and W-2s. A bank is going to want to know how you stood financially over the past few years to help determine that you do qualify for a Tucson short sale. As previously mentioned, some lenders also have their own specific forms that they require in addition to the previously mentioned items.

If you’re nervous about writing a hardship letter or assembling the documents for your Tucson short sale, there’s no need to worry. Your Tucson short sale agent will look over everything before submitting it to your lender for approval. This is one of the most important steps in the Tucson short sale process so together with your agent it’s important that you have all of your bases covered and are submitting everything as accurately as possible.

Avoid Foreclosure With A Tucson Short Sale

Have you recently found yourself behind on your mortgage, facing foreclosure or underwater and need to sell? If so, you should know that there is an option for you and that’s selling your home on the Tucson short sale market. Many homeowners that are facing mortgage difficulties are unaware that a Tucson short sale is an option for them or that it’s still possible to complete one even though the real estate market is improving.

When you complete a Tucson short sale you are essentially asking your lender for permission to sell your home for less than what you currently owe them. Many homeowners often wonder why a lender would agree to such a thing and it’s simple: banks lose less money on a Tucson short sale than they would if they had to foreclose on the home. When the housing market crashed a few years ago, the Tucson short sale market was bursting with properties that were underwater; banks couldn’t hardly keep up with the paperwork and number of transactions that were taking place. Don’t be deterred however, because the number of Tucson short sales has decreased and banks have improved and familiarized themselves with the process to greatly improve their turn around times. Completing a Tucson short sale is relatively simple if you have all the current paperwork that is required for the short sale package.

If selling your home on the Tucson short sale market seems like it might be the foreclosure alternative that you’re looking for, contact a Tucson short sale expert today to learn more about the process and see what exactly you need to do to get started. Even if you’re unsure whether this is the answer to your mortgage troubles, still reach out to a Tucson short sale agent to see what options are available to you. It’s better to take action about your difficult situation before it’s too late.