First the good news about Foreclosures in Arizona – The amount of foreclosure filings for first quarter of 2011 was 17% LOWER than that of the first quarter in 2010.  Now, the bad news – Foreclosures in Arizona in the first quarter of 2011 were up 15% from the fourth quarter of 2010.

Since we know that the amount of foreclosures will continue to gradually increase over 2011, it is safe to say, that there are still homeowners in the valley that don’t understand their options completely.

These are some of the main items to consider during the foreclosure process.

1. Pursuing a short sale will at least give you additional options that you may not have known about
2. The Debt Forgiveness Act expires at the end of 2012.  Since Foreclosure proceedings can take up to a year, the time to act accordingly is now, not 2012.
3. The Effectiveness of Loan Modifications is VERY limited.
4. Need to analyze the aerial view of your property situation for Tax, Credit, and Deficiency Consequences

When is the right time to consider all of these items.  NOW!  If you know of anyone that can use insight into the above items, it is essential to find a professional that can help them get the answers to the above topics.  Green Street Realty has access to some of the top trusted legal and tax professionals that can give an objective, UN-BIASED analysis to your specific situation.

Foreclosures in Arizona are rising, the good news is, we can assist you in getting the answers, take some stress out of your situation, and point you in the right direction.  The bad news, if you do nothing, the end result is predetermined for you.

http://www.bizjournals.com/phoenix/news/2011/04/14/arizona-no-2-in-foreclosures.html