Divorce and Short Sales in Arizona

Divorce can often times be very stressful! Couples facing divorce are also faced with import decisions about their assets. As the Arizona Real Estate market continues to be volatile, a short sale is often the answer to couples facing such a hardship. With 65% of Arizona’s mortgage holders under water, division of assets has taken a turn to relinquishing debt with proper protection for the consumer!

These decisions require important considerations like tax consequences, credit score and reporting activities on behalf of the lender, and the potential for a deficiency judgment (an amount that may be owed to the lender representing the difference between the loan balance and the proceeds of a short sale).

It is imperative that couples facing challenging decisions about their home know that a short sale is not always the only or the best option for them. There are other options like loan modification, deed in lieu of, forbearance and foreclosure. You or your spouse could also opt to stay in the marital home until such a time as the real estate market improves. Waiting until a later date to sell allows you to protect the investment the two of you have in the marital home. We remain optimistic that the Real Estate market will eventually turn around and when it does, you will be in a better position to get a return on your investment.

In the past six years, I have completed hundreds of short sales. Schedule your consultation today so that your specific situation can be evaluated.

Shivani Dallas PC, Associate Broker
REALTOR® CDPE ABR GRI SFR SSPA
480-467-7222 Re/Max Infinity
www.RealEstate4PhoenixAZ.com

 

 

 

 

 

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Simmons & Gottfried, PLLC
8160 E Butherus Dr, Suite #7 Scottsdale, AZ 85260
Phone: (480) 998-1500