Foreclosure Lawyer Tempe, AZ
If you are no longer able to make payments on your home, then you need the help of a Tempe, AZ foreclosure lawyer to represent your case. When you can no longer make your monthly mortgage payments, you default on your loan. When this happens, your lender may try to foreclose on your home. This means that your mortgage lender initiates a legal process in which they force you to hand over or sell assets to recoup the money owed them. These assets include your home. If you are facing foreclosure, contact a lawyer at Wright Law Offices for help today.
Missing Payments
Life happens, mostly unexpectedly. Accidents or injuries or even layoffs can cause unexpected job losses and changes to a person’s quality of life. These changes can spill over into other areas such as no longer being able to afford your monthly housing payment. When you miss your first monthly payment, you have defaulted on your loan. Lender rules vary, but after a set amount of time they will reach out to you, requesting you to make up the payment.
After four months of not paying, your lender will send a notice of default. Again, lender rules and regulations vary, but most lenders only enact this after four months of missed payments. If you occasionally get behind on one or two payments but are able to quickly make them up before three or four are defaulted, then you will be fine. If you receive the notice of default, that typically means you have around 30 days to make up all missed payments.
Foreclosure
If you miss a fifth payment, your lender will initiate the foreclosure process. There are two ways this is done, depending on where you are located: nonjudicial and judicial. In a nonjudicial foreclosure, minimal paperwork is required to be filed with the courts, and then the lender can take it from there. A judicial foreclosure requires a lengthy court process. No matter which route this takes, once the foreclosure is approved, the lender will put up your property for sale.
Your house will be auctioned off, but lenders are required by law to advertise the sale a few months in advance. If you manage to make up your payments in that time on your own or with the help of a Tempe foreclosure lawyer, the foreclosure process stops. Once the auction starts, you are no longer able to get your home back. At this point the home sells at auction. If your home does not sell, the lender attempts to sell the property through a broker in which case they are able to lessen the expenses associated with the ownership of the property in order to attract potential buyers.
Once someone else owns your house, you will be evicted. Notice will be given, and you will have time to remove your belongings.
There are several steps that can be taken before a foreclosure is initiated and finalized to try and keep you in your home. Some of these steps look like loan modifications, forbearance, or even just negotiations with your lender. Contact a Tempe foreclosure lawyer at Wright Law Offices for help today.
Learn More About Arizona Foreclosures And What Your Options Are
A trusted Tempe, AZ foreclosure lawyer knows that when you are facing foreclosure, it can seem like your world has come crumbling down. You may wonder how you got here and what choices led to this happening. Though it can seem like a very scary situation to be in, working with a lawyer from Wright Law Offices can help you understand what your options are so that you can get through this. When you are ready to move forward with learning about your options regarding a home foreclosure, call us to see what we can do to help.
How do I proceed?
The foreclosure process itself can be tricky no matter what. However, in the state of Arizona, there will be two options when it comes to foreclosure.
- Judicial. This would require the lender to go through a process called “lis pendens”, meaning they need to go through the local court so that they can get the property back.
- Non-judicial. In this scenario, the lender would not need to go through the court to get approval for the foreclosure. When you (the borrower) signed the paperwork for the mortgage, you would have signed the deed of trust. In this, there would have been a “power of sale” clause. This would have outlined information stating that if you default on your payments, the lender has the right to repossess your property.
What typically happens during the foreclosure process?
As a Tempe foreclosure lawyer understands, the process is different depending on whether you go through the judicial or non-judicial process. With the judicial, the lender will send the borrower a letter that states how long the borrower has to pay the past due balance. If the borrower can make the mortgage current, foreclosure could be avoided. Without payment, however, the lender can seek a foreclosure summary by going to court. In this scenario, you would either respond to the letter and let a judge decide what happens or proceed with the foreclosure.
In a non-judicial foreclosure, the lender can avoid getting a judge to approve the foreclosure. The lender can then proceed with publishing a notice of sale in the local newspaper and they also need to place the notice on the property. This must happen 20 days before the date of sale and the county recorder’s office must record this information.
Do I have any options aside from foreclosure?
If foreclosure is not the answer you are hoping for and you would like to fight for your home, you may have other options. You should speak to your lawyer about filing for Chapter 7 or Chapter 13 bankruptcy and see if one of these bankruptcy options could allow you to keep your home.
Facing foreclosure can seem like rock bottom. It can also be the start of getting your life back on track. When you are ready to discuss your home’s foreclosure and learn about the options in front of you, call Wright Law Offices to speak with our Tempe foreclosure lawyer today.
How to Protect Your Home From Foreclosure
As a Tempe, AZ foreclosure lawyer knows, foreclosure is a nightmare that no homeowner wants to experience. Losing your home due to inability to pay off your mortgage can feel like the end of the world. However, with the right measures, you can protect your home from foreclosure even if you’re facing financial difficulties. Learn more to protect your home, but if you are facing foreclosure, contact a lawyer at Wright Law Offices today for help.
Communication is key
If you’re struggling to make your mortgage payments, don’t bury your head in the sand. Ignoring the problem and hoping it’ll go away will only make things worse. Instead, open communication with your lender as soon as possible. Let them know what’s going on and ask if they have any options to help you stay on top of your payments. Some lenders offer loan modification programs or forbearance plans for homeowners who are facing financial difficulties.
Consider refinancing
If you’re struggling to keep up with your mortgage payments, it might be worth refinancing your home loan to get better terms. A lower interest rate or a longer loan term could significantly reduce your monthly payments and help you stay on top of your mortgage payments. Again, it is best to contact your lender to determine if this is an option for you.
Seek legal advice
If you’re unsure about your legal rights and options regarding foreclosure, it’s crucial to seek legal advice. A Tempe foreclosure lawyer can help you understand your options and represent you if your lender attempts to foreclose your home. They can also help you negotiate with your lender and come up with a repayment plan that suits your needs. Plus, it can be nice to have someone in your corner to go to for advice.
Avoid falling behind on payments
If you’re struggling to make ends meet, look for ways to cut back on your expenses and increase your income. Scaling back on your discretionary spending or picking up a side hustle can help you generate extra cash to put towards your mortgage payments. It’s also a good idea to create a budget to help you determine your monthly expenses and ensure that you’re not overspending.
Be wary of foreclosure scams
Unfortunately, there are scammers out there who prey on homeowners who are facing financial difficulties. These individuals promise to help you avoid foreclosure, but in reality, they’re only after your money. If someone offers to buy your home for less than it’s worth, asks you to sign a document you don’t understand, or promises to stop foreclosure without any legal recourse, proceed with extreme caution. Always seek advice from a reputable source before making any major decisions.
Protecting your home from foreclosure requires diligence, communication, and a bit of creativity. With the right approach, you can protect your home and enjoy the peace of mind that comes with being a homeowner. However, if you are facing foreclosure, contact a Tempe foreclosure lawyer at Wright Law Offices.