Welcome back to part 3 in our series on Arizona short sales. In this section I want to discuss your options when entering an Arizona short sale and give you a few resources to consider when looking for Arizona short sale help.

At this point, you will have spoken to someone about your situation or at least have a good idea of whether or not an Arizona short sale is in your best interest or not. And, if after making a decision to move toward getting Arizona short sale help, you should now be looking at your options. So lets discuss what your options are prior to asking the bank to provide help.

The first step in determining your options is to reach out to your lender to discuss your specific hardship or situation. Find out what they would prefer or how willing they may be and hear some of the options they will want to move you toward. You may hear the following:

1. They may ask you to come up with the total amount owed by a set date, which is known as reinstatement.

2. If there is the possibility of you catching up or becoming more financially sound in the near future, forbearance may be considered. Which means the bank would suspend or reduce your payment for a period of time.

3. You may be able to work out a repayment plan in which you resume making monthly payments plus a portion of the past due payments each month and over time you catch up your payment.

4. Or, if your loan is insured, you may qualify for an interest free loan from your mortgage guarantor which can bring your account current. This is known as making a "Claim Advance" or "Partial Claim"

After working with your lender, if you have not attained your desired result there are several services available to residents of Arizona.

You can contact the Arizona Foreclosure Helpline at (877) 448-1211 or visit them online at houseingaz.com and discuss your options. Another great resource is the Arizona Foreclosure Prevention Task Force Workbook, which can provide insight to the specifics of the Arizona short sale process and how best to either evaluate or proceed with your short sale.

If, however, you want to get up to the minute information from a short sale specialist in the Valley of the Sun, contact Charlie Allred at Secure Real Estate. Charlie and her team are Arizona short sale help specialists and have programs in place which can address your specific situation and give good advice via phone. Charlie can be reached at (480) 389-6130.

Arizona Short Sale Help: Get Legal Counsel

Most real estate attorneys will be able to advise you in regard to your legal liability in terms of financial obligation. Be sure to get the facts and retain a good attorney. Poor legal advice will cost you more in the long run. Again, here are a few resources for you to explore in order to get the legal short sale help you may need.

Contact the Arizona Bar or AZ Law Help

to get some preliminary information. Then you may want to investigate the Maricopa County or Pima County websites to search for help specific to the county in which you live.

You absolutely must speak to a tax attorney or tax specialist and make sure that your legal advice is inline with your tax advice! This is good way to determine if you have received good Arizona short sale help advice. If there is any disagreement as to your liability you will need to explore that area further.

Tax implications of a short sale can be significant. Most are not aware that upon completion of a short sale, some tax issues can arise. Because of this, anyone considering an Arizona short must discuss these possible issues with the appropriate professional so as to get the facts and avoid any unnecessary monetary burden. If that professional is an attorney be sure he or she is an Arizona State Bar Tax Law Certified Specialist.

It is my understanding that the debt forgiven by a bank or lender can be taxable to the borrower as what is known as "debt discharge income". Initially, the proceeds you receive from a loan are not taxable because there is an offsetting loan you must repay. But, if the debt is cancelled, you may be held liable for debt discharge income.

Regardless of where you are in the process, you need to be adequately informed an counseled prior to entering a foreclosure help program.

Contact us today to get the most up to date information… You will sleep better knowing you took the first step toward getting Arizona short sale help!