Behind on Payments
Discuss the property's potential sale value and how a short sale request might fit alongside options offered by your mortgage servicer.
Tucson Arizona Short Sale Assistance
Facing mortgage hardship?
Understand your options.
If you are behind on mortgage payments, owe more than your home may sell for, or are facing a possible foreclosure, you deserve clear information about your options. The Arizona Real Estate Team helps Tucson homeowners explore short sale opportunities and navigate the real estate side of the lender approval process.
Mortgage Hardship
Short Sale Coordination
Tucson and Southern Arizona
Understanding Your Options
What is a short sale?
A real estate short sale occurs when a property is sold for an amount that is insufficient to pay all amounts owed to the mortgage lender and other required lienholders, and the necessary parties agree to accept the transaction under approved terms.
Unlike a traditional sale, a short sale generally requires lender or loan servicer approval. The lender may review the homeowner's financial circumstances, property value, purchase contract, closing costs, and estimated proceeds before deciding whether to approve the transaction.
A short sale is not guaranteed, does not automatically stop foreclosure, and does not necessarily release the borrower from any remaining debt. The final approval documents and applicable law determine the outcome.
Situations We Help Evaluate
When a short sale may be considered.
Limited or Negative Equity
Review whether estimated sale proceeds would cover mortgage balances, liens, commissions, and closing expenses.
Possible Foreclosure
Understand that foreclosure deadlines can continue during short sale review and that urgent legal or housing counseling assistance may be necessary.
Our Short Sale Process
Organized from inquiry
through closing.
Review the Property
We discuss your property, mortgage servicer, approximate loan balance, current circumstances, and any known foreclosure deadlines.
Review Lender Requirements
With your written authorization, we can coordinate with the servicer regarding its short sale application, documentation, valuation, and approval process.
Market and Negotiate
We develop a pricing and marketing strategy, review offers, and submit the proposed transaction for any required lender and lienholder approvals.
Coordinate the Closing
If the required parties approve the sale, we coordinate with escrow, title, the buyer, and the lender to work toward closing under the written approval terms.
Illustrative Short Sale
Why the lender's net matters.
Consider a hypothetical transaction where the mortgage servicer requires a minimum net payment of $325,000.
$325,000
Hypothetical amount the lender requires to receive at closing.
6%
Illustrative total commission rate, subject to negotiation and lender approval.
$5,000
Illustrative approved closing costs, excluding any additional liens or charges.
At a hypothetical sale price of $351,064, a 6% commission would be approximately $21,064. After another $5,000 in approved expenses, the lender would receive approximately $325,000.
Actual transactions may involve taxes, prorations, additional liens, repair credits, concessions, escrow charges, and lender-imposed limits. This example is not a quote or approval.
Common Questions
Answers before your next step.
Can I sell my home if I owe more than it is worth?
Possibly. A short sale may be an option if the necessary lender and lienholder approvals can be obtained. Approval depends on the specific loan, property, and financial circumstances.
Will a short sale stop foreclosure?
Not automatically. A pending short sale application or offer does not guarantee that foreclosure proceedings will pause. Contact your servicer promptly, and consult a qualified Arizona attorney if a foreclosure deadline is approaching.
Does the lender pay the real estate commission?
Commissions and other sale expenses may be paid from sale proceeds if the lender approves them. The amounts are negotiable and subject to the transaction documents and lender requirements.
Will I still owe money after closing?
That depends on the loan, approval terms, and applicable law. Obtain written clarification about any deficiency or remaining obligation and consult a qualified attorney before proceeding.
How long does a short sale take?
Timing varies based on the servicer, number of liens, document completeness, property valuation, offer terms, and buyer readiness. There is no guaranteed approval or closing timeline.
Are there alternatives to a short sale?
Depending on your circumstances, options may include reinstatement, repayment plans, loan modification, forbearance, a traditional sale, or a deed in lieu of foreclosure. Your mortgage servicer and a HUD-approved housing counselor can help explain available options.
Confidential Property Conversation
Discuss your home.
Understand your next move.
Contact The Arizona Real Estate Team to discuss your property's potential market value and the real estate aspects of a possible short sale.
520-664-5818The Arizona Real Estate Team is affiliated with United Real Estate Specialists. We provide real estate services, not legal, tax, debt settlement, or credit counseling advice. Short sales require applicable approvals. No lender approval, foreclosure postponement, debt forgiveness, or closing is guaranteed. For independent assistance, visit HUD housing counseling or contact a qualified Arizona attorney.