Avoid Foreclosure

Gayle Henderson PCRE/MAX Excalibur

Here’s How to Get Started:

1. Visit www.AZAvoidForeclosureNow.com, scroll down and read our free booklet Foreclosure: What it Really Means and How to Avoid It.

2. Read the FAQs on foreclosure and learn The Do’s & Don’ts, Common Foreclosure Terms and a Foreclosure Timeline.

3. Contact our office and we will email you our “Get Started” homework. • A Document Checklist • Financial Worksheet • Sample Hardship Letter • Accountant Checklist to Assess Tax Consequences

4. Contact us immediately with any thoughts or questions. Remember, we’re here to help you. There is NO COST for our services when you sell your home through a short sale.

O U R T E A M O F E X P E R T S C A N H E L P. Y O U H A V E O P T I O N S .

Don’t let time run out.

We’ve made a complicated process manageable.

www.AZAvoidForeclosureNow.com D O N ’ T L E T T I M E R U N O U T ! T A K E A C T I O N T O D A Y !

Gayle Henderson PCCERTIFIED DISTRESSED PROPERTY EXPERT

ABR, CRS, GRI, CLHMS, e-Pro, CDPE

[email protected]

We’re Fair Housing Providers

As a Certified Distressed Property Expert (CDPE), Gayle Henderson seeks to find a dignified solution for her clients’ financial crises. As your ally and advocate, Henderson is adept with the handling of short sales and all of their complexities to insure successful outcomes for her clients. With a servant’s heart and a commitment to help homeowners facing foreclosure, Henderson and her team are equipped with the tools and expertise to guide homeowners through the tsunami of paperwork and processes that encompass a short sale. Henderson’s commitment to help save homeowners from foreclosure occurred after witnessing the helplessness, utter sense of aloneness and guilt felt by homeowners facing foreclosure. “We may not be able to save every house, but we can offer a saving hand to every financially distressed homeowner”, says Henderson. Gayle Henderson is an accomplished professional in every sense of the word. She consistently ranks among the top RE/MAX agents in Arizona and nationwide. Henderson believes the power of her profession lies in her commitment to education. It’s that commitment that

allows Henderson to best represent her clients. Among her many professional designations and accolades, Henderson finds that her certification as a Distressed Property Expert gives her clients an incomparable upper-hand in the short sale process. Over 85% of homeowners served by CDPE real estate professionals avoid foreclosure. Henderson’s extensive training and track record of success make her an excellent resource. “Homeowners facing foreclosure have options. Let my team lend you the guidance and support that you need. Foreclosing on your property is often stressful if not terrifying. A short sale allows you to still sell your home and have control of the process.”

Myth #1: You must be behind on your mortgage to qualify for a short sale. Lenders look for three things: a “verifiable hardship,” such as a job loss, pay cut, job transfer, divorce or serious illness; a monthly cash-flow shortfall or pending shortfall and insolvency; or lack of liquid assets that would allow you to pay down your mortgage. Henderson said distressed homeowners often wait too long, and should consult with a qualified agent before burning through savings or trying such desperate measures as using a credit card to cover mortgage payments.

Myth #2: Short sales rarely get approved. Henderson has an 85 percent success rate for closing short sales but says they still take patience, requiring anywhere from 30 to 120 days for lender approval.

Myth #3: Banks would rather foreclose than approve a short sale. Henderson said banks typically lose 35 percent more on a foreclosure than a short sale. They also avoid the hassle and liability of vacant properties if they can approve a sale before foreclosure.

Myth #4: There’s no time to negotiate a short sale. It’s always worth a try. In one instance, Henderson learned on a Friday that an elderly couples’ home would be auctioned on the following Monday. With minutes to spare, she worked with the lender to postpone the auction.

Myth #5: It’s fine to make simultaneous offers on short-sale properties. While it may be legal, Henderson bristles at buyers making offers on short sales that are not sincere. Multiple offers clog the system and

could force sellers who think they have a solid offer into foreclosure when the offer is rescinded.

Myth #6: A short sale is a fire sale. Not just any offer will do. Home sellers may counter; their agents can only bring reasonable offers to the bank, which typically means market value.

Myth #7: Anyone can help navigate a short sale. Henderson suggests homeowners find a rest estate agent with special training in handling distressed properties.

Myth #8: A short sale is not worth the effort. For buyers, short sale properties are often in better shape than foreclosures and are priced to sell quickly. For sellers, there is no lasting stigma for completing a short sale.

Myth #9: Short sales are as financially damaging as foreclosures. Unlike foreclosures, short sales are far less damaging on a person’s credit history and don’t present problems with employment or security clearances. Homeowners who undergo a foreclosure are ineligible for a Fannie Mae-backed mortgage for five years, while a homeowner who closes a short sale is eligible for a Fannie Mae-back mortgage after only two years.

Myth #10: Short sale negotiations are adversarial. Henderson still hears from buyers’ agents who loathe short sales. She once felt the same way. Henderson said successful short sales are more a matter of communication and organization – having all the paperwork in order and knowing exactly who needs what when in order to help banks approve a sale.

Gayle Henderson PC

“It is important to

hire a competent

REALTOR with

a knowledgeable

team to expedite

the process and

give you your

best chances

of success.”

YOUR AL LY & ADVOCATE

1 0 S H O R T S A L E M Y T H SBy Kara G. Morrison | The Arizona Republic