Re: Short Sale??
According to the website below, you have typically about 90 days or so
in AZ before the home is sold at the foreclosure auction. That times
varies depending on how busy the entity scheduling the sale is and if
your is a judicial foreclosure, on how busy the county court house is
and the lender's attorney in submitting paperwork to the court.
In order to qualify for a short sale, the outstanding debt on the
property should be more than what the property is worth.
If you stop payments on the first, the first will foreclosure on you after
3-4 late payments or so. At the foreclosure sale the second may or
may not get a full payoff depending on how much equity there's in the
home and the bidding at the auction (if any). If the second is not paid
off at the sale, then the second could potentially come after you with a
judgment and to enforce it, depending on your state laws, they may
garnish your wedges, bank accounts, seize assets, etc.
I hope this helps,
Julio Martinez-Clark
www.Beat-Debt-Collectores.com
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