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Arizona Foreclosures

Arizona Foreclosures end the rights of homeowner on his/her own property and instead of this mortgage company or lender gets the legal ownership of the foreclosed home. Default arises when the Home Mortgage Loan seekers do not pay the monthly amount of home loan on time. In this case mortgage company in AZ will call the for the foreclosure of home. Foreclosed home then is auctioned at the public place to recover the loan.

According to the AZ foreclosures Law, Arizona has two type of foreclosures, which are:
  • Non-Judicial foreclosures
  • Judicial foreclosures
In Non judicial foreclosure the deed of trust/trust deed, which is recorded with the recorder's office of the county contains the information regarding any such default with terms and conditions. Non judicial foreclosures is more quick than the judicial process as few judicial proceedings are not there. But in this case too, the trustee needs to send the required legal notice to the owners as well as other persons mentioned in the deed.

In Judicial Foreclosure there is great intervention of court, as nothing regarding foreclosure and default is mentioned on the Trust Deed.

But most of the mortgage lenders in AZ negotiate with the owner before initiating the process of foreclosure. Both the parties undergo Forbearance agreement to avoid AZ foreclosure, in which the payment of the pending amount in installments is defined. Or the payment can be reduced for a period of time till the borrower is ready to pay the full amount. Besides this distressed part can also take the advantage of the Loan Modification, Mortgage Refinancing, Second Mortgage Etc. Last but not the least in the pre-foreclosure phase homeowner can also sell his/her home to pay off the loan.

How to Prevent Foreclosure in Arizona

If unluckily you are unable to save your home and facing the process of Foreclosure in Arizona then you will have to face other effects along with this. This include home equities that will no longer be yours, inability to borrow money in the immediate future, increased number and amount of taxes etc. Along with all these things it is the self esteem that gets hurt badly because of the AZ foreclosures. To this avoid such situation you should cut down your expenses to the maximum. Also some other major asset like car can also be sold. More importantly talk to the lender if anything can be done to divert the situation of foreclosure. Besides this take the assistance of foreclosure expert who can guide you how you can save your home from the foreclosure in Arizona.

For active/on duty military personnels there is the Soldier and Sailors Civil Relief Act (SSCRA) that provides relief from certain civil obligations.

Moreover these personnels are also benefited against the Arizona foreclosure with the cap on the interest rate, getting stay on the proceeding easily, certain insurances etc. At the time of doing auction, in Arizona Anti-Deficiency Law for the foreclosures is also followed where a lender cannot sue the homeowner for any loss after foreclosure. But in case of VA loans this Anti-Deficiency law is not followed.

Now you can consult the foreclosure experts for taking any guidance regarding Arizona foreclosures and how that can be prevented. You can also check the other pages on foreclosure in AZ on for more information.

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