The rising foreclosure rates in Phoenix have caused more and more individuals to seek property that they can rent rather than purchase. The looming risk of loans, unsolicited maintenance and increased interest that go into owning a house have become overwhelming. At AllHomesAZ.com, we know that there are several circumstances that can cause Phoenix foreclosures. In order to understand this aspect of the housing market, it is essential to look at the causes, consequences, and available solutions of foreclosures in Phoenix.
What causes a foreclosure?
Foreclosures can be a result of several different factors. These include unaffordable interest rates on mortgages and loans, personal events or crisis that occur and negatively impact one’s finances (such as a job loss), abandoning the property, the passing of the owner, missed payments, and other economic troubles.
What are the consequences of foreclosure?
Foreclosures can be damaging to a homeowner for many reasons. For instance, if payments were missed, the individual’s credit will be hurt; a foreclosure can significantly drop one’s credit points. This makes it difficult to rent or buy property in the future since landlords are less susceptible to trust these candidates. Additionally, unpaid debt can also threaten the owner’s taxes. The IRS views the proprietor’s leftover dues as an additional type of income which must still be accounted for through the payment of taxes.
What solutions are available?
If the mortgage rates are unobtainable for the family or owner, it is important to consider contacting lenders to see if other financial options are available. However, if this does not help, then short sales are also another option. This course of action prevents foreclosure and allows the owner to sell their property in a way that does not harm their credit. At All Homes AZ, we help relieve the stress that comes with foreclosure by offering such options. We provide a fast solution to help get homeowners back on their feet and out of debt.
If you find yourself in a precarious situation and unable to maintain housing payments, we can help. At All Homes AZ, we offer a solution to the growing foreclosure problem in Phoenix. We understand how time sensitive properties are that face foreclosure. That is why we make the entire process as fast and painless as possible.
If you would like to work with us to help salvage both your credit and finances, be sure to get a cash offer now from AllHomesAZ.com
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