A Lawyers Perspective
A new short sale Mirasol listing yesterday: 23002 N. 39th Ter, lot 315 is now on the market for $585K or $164 a sq ft. 5 bedrooms - which would include the first floor den, 3.5 baths with a pool and 3 car garage.
map
floorplan
Nothing happened in the Villages or Fireside. The rest of my notes from
Tim Mackey (www.mackeylawpc.com) speaking to the Reltors group at the community center last week:
Short sales are debt forgiveness and lenders will issue seller a 1099. Get tax advice if you are in a short sale situation - as important as legal advice. Arizona is a non-recourse state but that does not prevent
lenders from going after short sale sellers legally. Loan modifications are failing because people are trying to do it on thier own and make a mistake which dooms their effort. Loan mods need to be packaged properly as home owners are asking for the wrong things and if you don't have a job it is not going to happen.Loan mods usually lead to short sales due to emotions involved. Loan mods do not stop foreclosure and do not reduce priciple. Be wary of folks that say they can do this.
Bankruptcy filings are way up and it is because it is a good financial tool. Chapter 7 liquidates all unsecured credit card debt - you may see a bounce back in your FICO score after only a year. Have to look at bankruptcy as a part of a family business plan. No social stigma to bankruptcy anymore - according to him.
I was sent a link to an article about how to best help homeowners by some friends in Aviano. The issue is reduction of principle as the answer to effective loan mods rather than just a reduction in interest
rate which is what most are now.
Click here for the article
Tags: aviano, desert ridge, phoenix, real estate, villages, toll brothers, fireside, Arizona
