FORECLOSURE
Foreclosure is a legal process by your lender to in which they obtain a court order to revoke your right's to the property and take possession of your home due to borrower default (such as non-payment).
The Arizona Foreclosure process and time lines vary depending on your lender, the investor who owns your loan and the attorneys working with your lender to complete the foreclosure process. The typical foreclosure process in Arizona generally goes something like this:
Before Your First Missed Payment - During this time you should consider your options, seek professional assistance and develop a plan of action. Although some lenders will not assist you at this point it is still a good idea to contact them and make them aware of your intentions.
First Missed Payment - If your payment is due on the 1st you will probably begin to receive collection phone calls from your lender around the 15th of the month of the missed payment. Your lender may request a "promise to pay" or ask you to make payment arrangements.
Delinquent/Default Period – You are in default beginning on the 1st day after your grace period. By law, your lender can begin the foreclosure process at any time after you have missed a payment. However, most lenders wait until you are between 90 and 150 days late before taking the next step.
Notice of Sale – This is a document filed by your lender with the County Recorder. This documents states your lender's intent to foreclosure on your home and lists the date and time of the foreclosure auction. This notice must be filed no less than 90 days from the date that they intend to foreclose.
Trustee Sale – If you are unable or unwilling to work with your lender the trustee sale will take place and your home will be repossessed by the bank or sold at auction.
In today's market the bank typically takes ownership of your property and then markets it using a local Real Estate Agent. Generally the new listing agent will come to the property and offer you a small amount of money to move by a certain date (generally $1,500 or less). Your lender has the right to evict you if you do not vacate the property within the time period that they have allowed. Arizona does not have a right of redemption after foreclosure so once your home goes to Trustee Sale you will lose the opportunity to negotiate an agreement with your lender to pay the past due amount and keep your home or complete a short sale and avoid excessive damage to your credit. It is important to be pro-active and begin working with your lender as soon as possible.
If you are pro-active about your situation we can generally get your sale date postponed in order to complete a loan modification, short sale or deed-in-lieu. We always recommend that you review all of your options and make every possible effort to avoid a foreclosure. Foreclosure is one of the most seriously damaging things you can do to your credit and can also affect other areas of your life including your current and future employment.
Speak with one of our foreclosure specialists today and see how you can avoid foreclosure and save your credit!
The Arizona Foreclosure process and time lines vary depending on your lender, the investor who owns your loan and the attorneys working with your lender to complete the foreclosure process. The typical foreclosure process in Arizona generally goes something like this:
Before Your First Missed Payment - During this time you should consider your options, seek professional assistance and develop a plan of action. Although some lenders will not assist you at this point it is still a good idea to contact them and make them aware of your intentions.
First Missed Payment - If your payment is due on the 1st you will probably begin to receive collection phone calls from your lender around the 15th of the month of the missed payment. Your lender may request a "promise to pay" or ask you to make payment arrangements.
Delinquent/Default Period – You are in default beginning on the 1st day after your grace period. By law, your lender can begin the foreclosure process at any time after you have missed a payment. However, most lenders wait until you are between 90 and 150 days late before taking the next step.
Notice of Sale – This is a document filed by your lender with the County Recorder. This documents states your lender's intent to foreclosure on your home and lists the date and time of the foreclosure auction. This notice must be filed no less than 90 days from the date that they intend to foreclose.
Trustee Sale – If you are unable or unwilling to work with your lender the trustee sale will take place and your home will be repossessed by the bank or sold at auction.
In today's market the bank typically takes ownership of your property and then markets it using a local Real Estate Agent. Generally the new listing agent will come to the property and offer you a small amount of money to move by a certain date (generally $1,500 or less). Your lender has the right to evict you if you do not vacate the property within the time period that they have allowed. Arizona does not have a right of redemption after foreclosure so once your home goes to Trustee Sale you will lose the opportunity to negotiate an agreement with your lender to pay the past due amount and keep your home or complete a short sale and avoid excessive damage to your credit. It is important to be pro-active and begin working with your lender as soon as possible.
If you are pro-active about your situation we can generally get your sale date postponed in order to complete a loan modification, short sale or deed-in-lieu. We always recommend that you review all of your options and make every possible effort to avoid a foreclosure. Foreclosure is one of the most seriously damaging things you can do to your credit and can also affect other areas of your life including your current and future employment.
Speak with one of our foreclosure specialists today and see how you can avoid foreclosure and save your credit!
Fight AZ Foreclosure
Learn How You Can Avoid Foreclosure and Keep or Sell Your House
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Real Estate Services Provided By
Integrated Residential Companies, LLC
7025 E. Greenway Parkway, Suite 450, Scottsdale, AZ 85254
7025 E. Greenway Parkway, Suite 450, Scottsdale, AZ 85254
