Real Estate Market

What You Can Do To Stop Foreclosure?

When a homeowner begins missing mortgage payments, the lender has the right to begin a foreclosure action to take the home and sell it at auction to recapture the money it lent.

Before the lender can begin the action of foreclosure it must publish a “Notice of Default” (NOD) which states that the homeowner has X number of days to bring the loan payments current or they will seize the home.  The minimum amount of time allowed in Arizona is 90 days from recorded notice.

The period between the time the NOD is published and the date that the bank can take the home is referred to as “pre-foreclosure.” In Arizona, most banks utilize the trustees sale instead of the lengthy and costly formal foreclosure.

During pre-foreclosure the homeowner may choose to take one of the following actions: 

• Sell Property - Net sales price exceeds debt. Normal home sale.

• Leaseback - Sell home to investor and lease property from new owner

• Deed in Lieu of Foreclosure - Give property back to the lender to avoid foreclosure

• Forbearance/deferment - Lender allows more time to bring the loan up to date

• Short Sale - Lender approval required

We're committed to stopping foreclosures.  We negotiate aggressively to get your lendesr approval and avoid foreclsoure.  Call ust oday.  Know your Options!

623-322-8588

Joe Bourland