Today, it is estimated that between 2 and 3 million Americans may face foreclosure.

If you are one of the many, you should…

Know your Options if you are facing foreclosure :

In Phoenix | Scottsdale and all of Arizona, we use Deeds of trust, not mortgages, which change some of your options you may have in other states.

First and most importantly, …

1) Contact your lender to work out possibilities such as short-sales, loan re-structure or deed-in-lieu of foreclosure. Many lenders will work with you to try to minimize losses for everyone involved.

2) A short sale should be handled by Realtors with experience in foreclosure or short-sales.

3) Speak with attorney and a CPA regarding legal and tax (financial) implications that a short sale, deed-in-lieu of foreclosure or traditional foreclosure may have.

Finally,

4) make sure you act sooner than later. Most problems can be handled if there is enough time.

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Copyright © 2008 By James Wexler, All Rights Reserved. *Help Options for Homeowners facing foreclosure*

Contact James Wexler (480) 221-8080 for all your Phoenix Scottsdale area Real Estate needs.