Prescott Arizona Area Foreclosure News

The MBA mortgage applications index fell 10.7% to 595.8% for the week ending December 18. Both the purchase and refinance indexes fell last week, 11.6% and 10.1% respectively. Recent declines in application activity suggest weaker home sales, however, November existing home sales suggest otherwise. While downside risks in the form of rising foreclosures remain, economists [...]

The Wall Street Journal recently ran a couple of articles on the unforseen impacts that short sales can have on homeowners who use short sales to avoid foreclosure.  Many Prescott and Prescott Valley homeowners facing foreclosure are under the impression that there are no consequences when the bank “agrees’ to a short sale.
Sadly, this is [...]

From Tom Henichek, a local loan officer at Mountain Mortgage
 

Tom Henichek

Thinking of buying a home in the Prescott, Arizona area?  Perhaps one of the foreclosed or REO homes? 
 
Now is the time with the incredible decline in home prices and historically low interest rates!  Are you prepared to move forward? 
 
Before you answer yes, have you consulted [...]

From Tom Henichek, a local loan officer at Mountain Mortgage
 

Tom Henichek

 On Wednesday, the Federal Reserve agreed to purchase a large amount of mortgage securities since investors are sitting on the sidelines and not actively participating in these securities. 
This action spiked a short term rally in the stock and bond markets with the bond market seeing [...]

From Tom Henichek, a local loan officer at Mountain Mortgage

Tom Henichek

Many of you are familiar with the $7,500 tax credit if you purchased a home after April 8, 2008 and before July 1, 2009.  Essentially, the government has given you an interest free loan for purchasing this home if you are not a high-income tax [...]

Important Note:  I am not a foreclosure lawyer; if you are facing foreclosure, you should consult with a Prescott or Prescott Valley real estate and foreclosure attorney. 
You can streamline the process  by familiarizing yourself with the Actual Statutes: Arizona State Revised Statutes Title 33:  Property.
State of Arizona foreclosure law summary
Judicial Foreclosure Available: Yes
Non-Judicial Foreclosure Available: [...]

Often we are asked by Prescott, Prescott Valley, and Chino Valley homeowners about their options when they are facing foreclosure.
 We are not lawyers or accountantS and you should consult with professionals in those areas before making any decisions that will affect your credit for at least 7 years.
Here are some of the frequently asked questions [...]

From Tom Henichek, a local loan officer at Mountain Mortgage
 
Well, for starters we have lower prices than anytime in the recent past, great interest rates and the possibility of seller concessions.  Every product today has at least a guarantee of 3% seller concessions.  So, if the seller will or cannot lower their selling price, they [...]