|
|
|
Home » Before You Sell Your Arizona House
Arizona Foreclosure Information
Pre-Foreclosure Process How To Stop Foreclosure
Avoiding foreclosure is the best way for you to maintain a good credit rating and be able to keep some of the equity you may have in your home.
If your house if foreclosed upon, you lose any chance of getting any equity out of your home, and you will be financially devistated.
So, we need to learn a little bit about how the Arizona preforeclosure process works.
In order to prevent foreclosure you must know how it works and what is expected of you.
To avoid foreclosure you need amend past deeds which caused the foreclosure process.
Most of the time money is involved and the people who are asking for it have grown impatient and want their money yesterday.
If you have or can get the sum of money required, then paying them promptly is your best way to stop foreclosure.
If however, you are like most people in foreclosure you do not have the money, so a stop foreclosure sale of your house may be the only way out.
We have listed below a few of the most common foreclosure questions, please select a links below for the answers:
How to stop foreclosure?
Stopping foreclosure when you are late on your mortgage payments
The following options may be available to you if you are late on your mortgage payments:
- Forbearance Agreement With Your Lender.
If you or your spouse has suffered a temporary financial hardship, your lender may be willing to enter into a forbearance agreement.
A forbearance agreement allows for a temporary change in your mortgage contract. The changes may consist of temporarily lowering, or eliminating your payments for a pre-determined period of time.
For your lender to agree to a forebearance you must convince them that your financial hardship is only temporary and that you will be able to make your regular mortgage payments in the future.
- Ask Your Lender To Consider A Loan Modification.
A loan modification is similar to a forbearance agreement. The difference is that a loan modification is a permanent change to your loan.
Loan modifications can lower your payment by extending the term of the loan; often incorporating delinquent payments into the loan modification.
- Offering A “Deed In Lieu” Of Foreclosure.
A “Deed In Lieu” allows you to offer your property's deed back to your lender in order to prevent foreclosure. You are simply giving the property back to the lender in order to avoid foreclosure. Most lenders will take this option, especially if you have equity in your property. Although a simple solution, we do not recommend it if you have equity in your home.
- Refinancing Your Loan.
For people with exceptional credit it may be possible to refinance your mortgage for a lower interest rate and/or lower monthly payment. But if you have had a few late payments they may have already been recorded on your credit report making it near impossible to get a better rate/mortgage payment.
- Sell Your Home.
If you have equity in your home and your financial position is unlikely to change in the near future selling your home is often your best option. You are not further increasing your debt, nor are you extending your mortgage payment (which also increases your debt). You are able to salvage your equity and can then downsize your home and re-adjust your lifestyle to meet your new financial situation.
Stopping foreclosure due to a lien against your home
If your foreclosure is caused by a lien against your property, your only recourse is to satisfy the lien, either by going to court and disputing the lien or by paying off the lien.
 Back to the Top 
Where can I get foreclosure help?
The US Department of Housing and Urban Development (HUD) has some good information with regards to foreclosure help.
You can review your preforeclosure options by clicking http://www.hud.gov/foreclosure/index.cfm.
They also have an 1-800 number you can call to see if you qualify for local or government programs which may help stop foreclosure.
Back to the Top
Should I have a stop foreclosure sale?
A stop foreclosure sale, is basically selling your home before your property is sent to public auction.
Stop foreclosure sales are the best option approximately 50-70% of the time.
More often than not the foreclosure process is started by you falling behind on one or more of your debts related to your mortgage.
Normally, when people fall behind on their most precious asset it is because they are having financial troubles, and only a transfusion of money can save them from being foreclosed upon.
Contrary to popular belief, getting a loan against your property after foreclosure has been started is very difficult if not impossible for most people.
I have heard of a couple of high risk lenders, but honestly do not know enough about them to recommend them.
What I can tell you about these loans is that they are considered "High Risk", and the terms of these loans may only worsen your financial situation; but on the bright side they may buy you enough time to help you stop foreclosure.
If you consider a high risk loan to help avoid foreclosure, make certain that there is no early pay off penalty, as in most cases this type of loan will or should only be a temporary solution to your foreclosure problem.
Assuming you are able to get a loan and stop foreclosure, you should seriously consider selling your property, take whatever equity you may have and re-adjust your lifestyle to meet your current financial situation. Please see How to stop foreclosure for options related to working with your lender and not an outside bank.
If you are unable to get a loan or transfusion of money, then your best option is to have a stop foreclosure sale of your home. If you act quick you will have more options than if you wait until the last minute to try to avoid foreclosure.
If you have more than 2 months until your property is scheduled to go before public auction you can try to sell your home yourself using a realtor; 'DO NOT' attempt to sell your property "For Sale By Owner" (FSBO).
If you have less than 2 months until the auction, then contact us by submitting your Property's Information.
Back to the Top
Where can I find Arizona foreclosure Information?
If you are looking for legal information pertaining to real property in the state of Arizona, please visit http://www.azleg.state.az.us/ArizonaRevisedStatutes.asp?Title=33. The foreclosure information is found in Chapter 6, section 2 of this document.
Back to the Top
Where can I get foreclosure assistance?
The US Department of Housing and Urban Development (HUD) has some good information with regards to foreclosure assistance.
You can review your options by clicking http://www.hud.gov/foreclosure/index.cfm. They also have an 1-800 number you can call to see if you qualify for local or government programs which may help stop foreclosure.
Back to the Top
Can you help me understand the foreclosure process?
Ownership of Arizona properties are held in title by means of a "Trust Deed". A "Trust Deed" or "Deed of Trust" controls ownership of a property until payment in full is made for all liens against the property.
Arizona law permits mortgages to serve as liens upon real property and for judicial foreclosures to occur through the courts. But due to the "Power of Sale" provisions within most deed of trusts this is the primary mechanism used to foreclose on a property.
Although judicial forclosures are allowed by Arizona law, foreclosures are rarely judicial.
The primary method of foreclosure in Arizona is non-judicial foreclosure.
Non-foreclosure requires a notice or advertisement to be placed in a widely read periodical or newspaper in the County where the property is located.
Foreclosure Notification Requirements:
- Lender must publish a notice of sale - Once a week for at least 4 weeks (newspaper)
- Notice of sale posted at property - Within 20 days before the proposed sale date
- Sale recorded at County Recorder - Within 20 days before the proposed sale date
The Notice of foreclosure sale must contain the following information:
- Date, Time and Location of sale
- Street Address
- Legal Description of the property
- Tax Assessors Parcel Number
- Original Principal Balance
- Name of the Beneficiaries
- Trustees Qualifications
- Trustee Telephone Number
The foreclosure auction must occur between 9AM-5PM Monday-Friday, and cannot occur on a state recognized holiday. Foreclosure sales can be postponed the by party conducting the sale, or by a pending bankruptcy.
A forclosure sale can occur anytime after 90 days from the filing of the "Notice of foreclosure sale" and not less than 10 days from the date of last public notification.
Arizona law allows lenders and lien holders to go to court in what is called as a judicial foreclosure proceeding, where the court issues a final judgment of foreclosure. The property can then be sold as part of a publicly noticed sale.
Although the process of foreclosure can take as little as 90 days, on average the process takes approximately 120 days.
Back to the Top
Avoiding foreclosure, is it possible?
Absolutely, avoiding foreclosure is possible. You have several options to enable you to save both your credit rating and your home. Please see our for information on working with your lender to avoid foreclosure. If you would like to save some of the equity you have in your home and sell your house, then please complete our Property Form for a quick cash offer.
Back to the Top
I need to sell my house fast to stop preforeclosure, can you help me?
Yes, we can help to stop foreclosure. If you have atleast 5 days until your property is sold at auction please contact us by Submitting your Property and we will help to stop foreclosure on your home.
Back to the Top
I am in pre-forclosure, how much time do you need to buy my house?
If you are facing foreclosure and need a fast cast offer on your home, Arizona Home Offers can make a cash offer and complete the sale of your home in as little as 5 days.
Submit your Property to have an offer within 24 hours!
Back to the Top
Arizona Real Estate Listing Resources
Understanding Your Options | Understanding Real Estate Investors | Our House Buying Process | F.A.Q. | Sell Your Home | Buy Arizona Real Estate | Submit a Referral | Our Staff | Testimonials | Contact Us
|
|
