Just two blocks from the Sycamore light rail station (only 30 minutes to downtown with NO TRAFFIC.)

These homes rarely come up for sale so don’t miss this opportunity. Completely remodeled kitchen in 2009. Custom cabinetry, with lots of storage and new appliances. Wood flooring. Open split-floorplan with a private master bedroom and completely remodeled bathroom with garden tub. 2 large guest bedrooms with walk-in closets. Completely remodeled 2nd guest bathroom. Separate office/den with outside entry. Huge laundry room with storage. Large toy garage/workshop in backyard++ a large storage shed/building. Multiple citrus trees and large shade trees in backyard. Play gym, sand box and large grass play area for kids. All lots in community have irrigation rights too. (only $60.yr to water lawn) This home is move-in ready and a must see.

Property is located at 1258 West Pepper Place Mesa Az 85201 (click for listing and photo tour)

Priced at $130,000.00

[listingsearch type="listingids" listingids="4391411"]

Compounding these issues is the phenomenon of “strategic” defaults. That means a homeowner who can pay his mortgage stops because he sees no reason to continue paying for an asset that is worth less than the debt it carries.

A 2009 study said about 25% of foreclosures are so-called “strategic” defaults—that translates to 700,000 of the 2.8 million foreclosures initiated in 2009.

Is Walking Away a Strategy?
Is it possible that many people are so short-sighted about the investment they’ve made in their homes?

Let’s say a homeowner bought his home at the peak of the market in 2006 for $220,000, the median home price that year. We’ll say he put 5% down and got a 30-year mortgage for $209,000. Now, fast-forward to 2009, when the median home price dropped to $173,000.

If this is a fixed-rate mortgage at 6% interest, the balance at the end of 2009 is $198,000. If our homeowner sells, he’s lost his down payment plus four years of principal and interest payments, a total of $71,144, and he still has to make up the $25,000 difference between the selling price and the balance of the mortgage.

$209,000 (original mortgage amount in 2006)

$198,000 (mortgage balance in 2009)
-$173,000 (home value in 2009)
$25,000 (difference between the 2009 sell price and mortgage balance)

The “wisdom” of the strategic default is to take the $71,144 loss and save yourself the $25,000 hit by walking away instead of selling.

Time for a Reality Check
Maybe, in some alternate reality, this is “wisdom.” That alternate reality would have to be based on stagnant home values and banks that don’t come after you for what you owe them. Let’s try a true reality check:

Reality #1 – Your home is an investment, and any investment—even real estate—will go up and down in value. Walking away from your mortgage now is the equivalent of selling your stock portfolio at the bottom of the market. You guarantee yourself a loss if you don’t stick with your investment until values come back up.

Reality #2 – Home values will recover. If our homeowner sticks it out and stays in his home, he’ll be back to even in five years, based on a conservative 5% rate of appreciation. In less than 20 years, his home will have doubled in value. That is wisdom!

Reality #3 – The bank is not letting you off that easily. Lenders are covered up with foreclosures, so while homeowners who walk may not hear from the bank right away, they are by no means off the hook. Some banks will pull credit reports to see who is current on their other payments to determine if a default is “strategic.” Banks will go to court to garnish wages or hijack tax refunds—whatever it takes to get what they’re owed.

If you are truly unable to make your mortgage payments, you still should not walk away. You signed the contract, so you’re under a moral obligation to pay. If you truly can’t pay and keep food on the table, then it’s time to talk with the bank about a possible short sale.

Article from Dave Ramsey. Find out more at www.daveramsey.com

I will be speaking from my experiences over the last 3+years of Helping homeowners with loan modifications and short sales. Have you tried to modify your loan in the past only to be declined? Learn how and why the banks do what they do, and how the Govt & insurance companies plays into some of those decisions.

I will also share with you the many positive experiences, and success stories. This is a must attend event, our goal is to help and encourage everyone that attends.

************

here are the details on the class:

Does your current economic situation have you confused and frustrated about what to do with your home?

Register now for this free event

Matt Dunshie is a recognized expert in real estate, with particular experience in the areas of short sales and foreclosures. Matt will explain various real estate related issues and answer specific questions to help simplify these complicated topics.

You won’t want to miss Mortgages, Foreclosures and Short Sales Uncovered on Saturday, May 1 from 4:30-6 p.m. on the Mesa Campus or Sunday, May 2 from 4:30-6 p.m. on the Gilbert Campus.

This class will cover:

What every homeowner should know about the local real estate market.
What are the different types of sales, whether you are buying or selling.
Homeowner options- loan modifications (HAFA HAMP), short sales, deed in Lieu and foreclosure.
How different types of loans are treated in AZ i.e. Fannie Mae, Freddie Mac, FHA, USDA, HELOC, etc
Let us help you sort your way through these programs and uncover the myths that are out there.

See you there!

Date/Time: 5/1/2010 4:30 PM – 6:00 PM Add To Your Calendar
Contact: Vicki Jensen
480.924.4946
Vicki.Jensen@cccev.com

Register now for this free event

I will be speaking from my experiences over the last 3+years of Helping homeowners with loan modifications and short sales. Have you tried to modify your loan in the past only to be declined? Learn how and why the banks do what they do, and how the Govt & insurance companies plays into some of those decisions.

I will also share with you the many positive experiences, and success stories. This is a must attend event, our goal is to help and encourage everyone that attends.

************

here are the details on the class:

Does your current economic situation have you confused and frustrated about what to do with your home?

Register now for this free event

Matt Dunshie is a recognized expert in real estate, with particular experience in the areas of short sales and foreclosures. Matt will explain various real estate related issues and answer specific questions to help simplify these complicated topics.

You won’t want to miss Mortgages, Foreclosures and Short Sales Uncovered on Saturday, May 1 from 4:30-6 p.m. on the Mesa Campus or Sunday, May 2 from 4:30-6 p.m. on the Gilbert Campus.

This class will cover:

What every homeowner should know about the local real estate market.
What are the different types of sales, whether you are buying or selling.
Homeowner options- loan modifications (HAFA HAMP), short sales, deed in Lieu and foreclosure.
How different types of loans are treated in AZ i.e. Fannie Mae, Freddie Mac, FHA, USDA, HELOC, etc
Let us help you sort your way through these programs and uncover the myths that are out there.

See you there!

Date/Time: 5/1/2010 4:30 PM – 6:00 PM Add To Your Calendar
Contact: Vicki Jensen
480.924.4946
Vicki.Jensen@cccev.com

Register now for this free event

things you need to know: The term short sale does not mean foreclosure, the term also does not exist on ones credit report either. Payments or lack of are the only factors of the credit score.

There are so many myths and bad information being share by Realtors, lenders and online about Short Sales. Bottom line, a Short Sale will help most people far more that walking away. Especially in Arizona, since Az is a non recourse state that protects the consumer. We are working with HAFA (Homes Afordable Foreclosure Alternatives ) and their agencies to reach out to home owners in need. Which is the majority of the Phoenix metro area.

Look at this home! 7337sft home in the foothills of North East Mesa Arizona. New construction, This home features 4 bedroom suites, study, Theatre, and some amazing views. sits on just over an acres of land too.

Charming 4 bedroom home in a north mesa neighborhood. Large kitchen has a walk in pantry and breakfast bar. Cozy brick woodburning fireplace in the family room. Neutral decor throughout. RV Gate! Easy access to shopping and freeways.

7339 E GRANDVIEW ST Mesa, AZ 85207
Listed at $125,000

Highly desirable Bellagio floorplan! 3 bedrooms, 2.5 bathrooms and a den. The eat in kitchen features granite countertops, stainless steal appliances, island, and upgraded cabinets. Neutral carpet and tile throughout. One of the few units with a backyard. Great location close to ASU, loop 101/202 and shopping!

2401 E Rio Salado PKWY 1171 Tempe, AZ 85281
list price $215,000

***Lender Approval in Hand***Approved at list price of $125k***Immaculate home on a private corner lot! Gated Community! 3 spacious bedrooms and 2.5 bathrooms. nice kitchen with a breakfast bar. Upstair loft with french doors.

8747 E Los Lagos Vista Mesa Az $125,000.00

Spectacular BANK OWNED home in east mesa! Brand new neighborhood with all custom homes. Over 4000sqft with every amenity you need. 21ft ceilings in the living room. Laundry room on both floors. Beautiful dark wood flooring, doors and baseboards. This is home dramatic and offers excellent natural light. Gourmet kitchen with a large pantry. All bedrooms feature their own balcony with gorgeous city light and mountain views.