Foreclosures dropped from 41,625 in 2010 to 35,855 in 2011 in Arizona. What many forget is that legal scrutiny slowed the process for many lenders in 2011 due to Robo-signing. Realtytrac expects foreclosures in 2012 to be 25% higher than 2011.
A short sale is normally a much better alternative to a foreclosure and should be pursued as a first option. In some instances a foreclosure could be better than a short sale if the bank is not willing to release a deficiency or attach a promissory note. Don’t start with a foreclosure, save that as an option if a loan modification or a short sale is unsuccessful.
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