Why does Scottsdale AZ have so many foreclosures?
The number of Scottsdale foreclosures took a jump in 2019 when the pandemic hit.
The pandemic left a lot of people furloughed and laid off from their jobs which automatically means that a large number of people were (and largely still are) unable to pay their mortgages and although some lenders may offer options to help people get through this tough time, many people will still end up dealing with Scottsdale AZ foreclosures because the options available are not fit for everyone and will not suffice for all homeowners. This is one major reason why the problem of foreclosures in Scottsdale AZ is still very much an issue.
With a large number of people unable to make payments for their mortgage and potentially facing a Scottsdale AZ foreclosure, it is important for every homeowner to be open to exploring other options that are less saturated and will possibly yield money to help them ease their financial hardship, or offer a lasting solution to, at the very least, help them get out of their debt. For many homeowners, this may mean letting go of their house for a smaller residence; and not just letting it go for nothing, but letting it go for cash, or for a favorable negotiation with their lender.
Yes, if your home will soon join the list of foreclosed homes in Scottsdale AZ, you can sell your house to us and we will pay cash or be happy to negotiate favorable terms with your lender on your behalf!
And because we understand how important it is for you to sell your house early to avoid a Scottsdale AZ foreclosure, we will save you thousands of dollars that you would otherwise have lost to unnecessary fees and closing costs, buy the house in “as-is” condition, and ensure you get a fast close as long as we have your cooperation.
We are your direct link, so there are no fees or commissions. There are also no inspection or appraisal contingencies.
5 Myths about Foreclosures
There are lots of myths surrounding foreclosure and since the number of people facing it is on the increase, it is important that everyone understands the commonly propagated myths about the process.
We are debunking 5 of those myths below.
Foreclosure Is Always Due to Financial Irresponsibility
It’s easy to propagate myths like this when you have not experienced Scottsdale foreclosures (or any other foreclosure) before.
People tend to think that if someone is unable to pay their mortgage, it is because they have made some poor financial decisions. Nothing could be farther from the truth. Life happens to people and unexpected situations beyond human control spring up as seen with the pandemic. It is not impossible for a homeowner to be financially irresponsible. However, it is also unlikely because a homeowner must have first proven their financial responsibility before being approved for a mortgage in the first place.
One Missed Payment starts the process of Scottsdale Foreclosures
One missed payment if not checked, can usher you into Scottsdale AZ foreclosures but one missed payment is not all it takes. Your lender will not initiate the process involved with Scottsdale foreclosures until you have missed about 3 months of payment payments on your mortgage.
Buyers of Homes in Foreclosure Take Advantage of the Homeowner
Truthfully, there exist some unscrupulous buyers and investors out there that may try to take advantage of you and the fact that you are facing Scottsdale foreclosures. However, this is not always the case.
The truth is that buyers actually help homeowners who are potentially facing Scottsdale foreclosures. Cash buyers will often agree to buy the home before the horrors of Scottsdale foreclosures catch up with you.
This is an arrangement that benefits you, the homeowner as well because it will stop the foreclosure from showing up on your credit report and free you up financially.
The buyer may also benefit because the home may be worth slightly lower than its original market value.
All Lenders Want to do is Foreclose
Usually, lenders will try to get you to pay by sending several notices before starting the foreclosure process. This may lead many to think that lenders are just eager to foreclose. This is untrue. Lenders spend time and money on foreclosures and they would rather let you keep the property and continue to receive regular mortgage payments from you.
And if you’re unable to pay, they’d rather you go for the option of Scottsdale short sales, rather than just allow the foreclosure to happen. However, although most lenders don’t like the foreclosure process, they can not let you keep piling up mortgage debt indefinitely. So they will have to step in and take action regarding a foreclosure sooner than later.
Once You Miss Mortgage Payments, Nothing Can Stop Foreclosure
This is false and misleading information, particularly for people potentially facing foreclosures in Scottsdale AZ.
There are things you can do to prevent Scottsdale foreclosures from catching up with you, and one of them is selling your house to us for cash now. We explained the process involved above, but you must remember that if you’re in this position, time is not your friend. You must act fast.