Help, I am Underwater – but I want to KEEP my home!

Underwater and Can’t Swim?

Help, I am underwater and want to keep my home

Are there answers for the Underwater Homeowner?

Here in Arizona, it is reported that that 55% of mortgages are underwater in the greater Phoenix metro area which is the third-highest in the nation with!!!  Not good news for those of us who call Arizona home. However, there is light at the end of the tunnel. Overall, bankers in Arizona reported they sense that foreclosures are starting to slow down, as the market attempts to stabilize. “We may be bottoming out here. Foreclosures are flattening, they are not putting all that inventory on top of current inventory” said Paul Hickman, president of the Arizona Association of Bankers.Obviously, it is going to take time to eventually pull out of the hole we find ourselves in. But, there is HELP available. Motivated homeowners who are committed to their home and mortgage they currently own can seek assistance to modify their loan in some way allowing them to stay in their home.

There are a some excellent resources for underwater Arizona homeowners. From loan modification programs to financial counseling programs, there are services to assist borrowers with underwater mortgages.

Chase has two new home ownership centers now open in Arizona, one in Phoenix and one in Tempe. Chase advisers at these centers are available six days a week to  work with underwater homeowners on alternatives to walking away from their homes. Homeowners can call the Chase Home Ownership program at 866-550-5705 daily Monday through Saturday. Their web site provides homeowners with valuable information on how to keep their homes. They also provide homeowners with steps to take toward keeping their home as well as provide resources of other programs  that underwater homeowners can contract for assistance.

Another great program is Save Our Home Arizona.  This program offers troubled AZ homeowners assistance with two foreclosure prevention programs. Underemployed AZ homeowners can apply for the Unemployed Payment Assistance Program. The second program, offers Principal Reduction Program as a path for loan modifications. Both programs are valuable to those who  are eligible to qualify. To determine if you are eligible for the Save Our Home Arizona programs you can log on to www.azhousing.gov and complete an on-line application. You will then be contacted by a HUD approved counselor.

If all else fails and you determine that you simply cannot stay in your home, please contact us to assist you with your short sale.  We have come along side several homeowners to support them with a successful short sale of their property.

This Arizona Short Sale Sellers Advisory will provide some basic information for underwater homeowners who are considering the Short Sale alternative to foreclosure. Before you commit to a short sale, you should consider contacting a qualified real estate attorney or tax accountant for advise on determining whether a short sale is the best option for your specific circumstance. The Arizona Short Sale Advisory offers contact information for free or low cost legal assistance and tax advice.  Please beware of predatory “rescue” scams which may cost you money with no results, result in the loss of your home entirely, or involve you in a fraudulent scheme.

We all want to be responsible homeowners who take pride in keeping our homes. Unfortunately, in today’s unstable economic environment, this is not always possible. To become better informed of your choices and the options available to you, check out the above resources for trusted assistance. Our web site also offers information and resources available to underwater homeowners. Please check the Help For Sellers area detailing what we as your agents are committed to do to assist you with a short sale of your home. We also answer some frequently asked Short Sale questions and provide charts showing the consequences for homeowners between a short sale and foreclosure.

Contact us directly at 602-402-8594, we would be happy to help you in any way that we can.

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