Strategy to stave off foreclosure falls short
More than 7,000 homeowners facing foreclosure in the Valley are trying to sell their homes through a process known as a short sale, according to Arizona Regional Multiple Listing Service data.
But less than 5 percent manage to sell before lenders seize their houses.
The failure by banks and homeowners to agree to a short sale – to sell a home for less than the amount still owed on the mortgage – is adding to the Valley’s growing foreclosure problem.
And the government’s recent financial-bailout package to help alleviate the nation’s housing crisis will do little to address the problem of short