Mark Twain once said, “It ain’t what you don’t know that gets you into trouble. It’s what you know for sure that just ain’t so.” If you purchased or refinanced residential property between 2005 and 2007, you have important questions and probably more than a few wrong ideas about your real estate investment that an Arizona real estate attorney can help you with.
How much is that property worth today, realistically? Chances are it’s worth significantly less than what you owe, so now what?
Short sale, foreclosure and real estate taxes
You’ve considered walking away. You’re hoping you can get a break through a government bailout program you heard about. You wonder if it’s better to short sale the property or simply let it go to foreclosure. You want to know how all of this may affect your credit. What about taxes? There seem to be a hundred other gnawing questions festering in your mind as you review this year’s property tax valuation notice confirming yet another year of steep decline in property value.
Distressed Real Estate: find the solution that fits you
Unfortunately, there is no one-size-fits-all solution that makes sense for everyone. In fact, it is extremely unlikely that what makes sense for you will make sense for the next person. It is even more unlikely that your best course of action will simply occur to you. False assumptions and misinformation abound. Even more prevalent is the constant bombardment of advertising from opportunistic persons offering you a uniform solution that benefits them with little consideration for what is really in your best interest.
Distressed Real Estate: a complex business decision
The truth is this: you are facing a very complicated and nuanced business decision. Like any business decision, you must be informed on all relevant considerations and options, or you are likely to choose poorly. You might be surprised to learn what facts and circumstances really make a difference in your range of options. The most important factors can be boiled down to the nature of the property and the financing history. From there, any number of irregular circumstances can make a big difference. Things like whether it is a VA loan or whether only one of a married couple signed the loan documents. The key is to properly identify and understand the significance of your favorable facts as well as your troublesome facts.
That is where we come in. We’ve advised hundreds of homeowners searching for answers regarding their distressed real estate. We have thorough knowledge of the relevant statues, case law and lender practices to help you determine just where you stand. More importantly, we can help sort through your issues and available options and develop a customized strategy based on your best interests. You have important questions and we have the answers, including answers to questions you don’t know you have yet. Contact us today to discuss what you don’t know regarding your distressed real estate, and more importantly, “what you know for sure that just ain’t so.”
Gunderson, Denton & Peterson, P.C.
1930 N. Arboleda, Suite 201
Mesa, Arizona 85213