For more information, visit www.north-scottsdalerealestate.com. In the North Scottsdale Real Estate market, or the greater Metro-Phoenix real estate market, bubble has popped big time. During April of 2007 there were 429 sales of North Scottsdale Real Estate with an average sales price of 4770. During April of 2010 individual sales were up to 475; however, the average sales price for North Scottsdale Real Estate was down to 5432. Thats almost a 40% drop in value. Talk about negative equity. If you are one of the many who are upside down on their home but you dont want to move, perhaps a Short Pay Refinance (Short Pay Refi) is for you! This little known, and seldom used, program allows a homeowner to short sale their home back to themselves. Their current lender has to agree to the terms and would permit the homeowner to short them the amount of money owed on the note. The new note, most likely with a completely different lender, will be for 90% of the appraised value of the home; meaning that the owner instantly go from negative equity to 10% equity. Their current lender allowing the short sale has to agree to participate and very few lenders are doing so. To qualify for the program you must be current on your loan and qualify for the new loan. This means that you have to have a qualifying credit score (FICO) and sufficient income. Fannie Mae and Freddie Mac do not participate and as such the vast majority of loans out there will not get to participate in this …
Video Rating: 5 / 5
