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Arizona ranked 18th in U.S. foreclosure rate

| Mar 20, 2014 | Real Estate Transactions |

For many Arizona residents, home is at the heart of the familial unit. Facing foreclosure, then, becomes one of the most difficult prospects they can face. Foreclosure threatens to rip the home away from a family, leaving them without a home base that so often keeps a family together. In some cases, however, it is possible to prevent foreclosure by employing certain defenses against any unlawful actions. Doing so may be able to save the family home.

According to findings that were recently released, foreclosure filings in the U.S. were down 10 percent from January to February. What’s more, they are down 27 percent from a year ago. This improving trend also carries over into the state of Arizona as well.

Arizona’s foreclosure rate was down 8 percent from the previous month. This adds up to being down 46 percent from a year ago. Now, with 2,200 foreclosure filings in the month of February, the Arizona foreclosure rate ranks 18th in the U.S.

However, there are still some remaining foreclosure problems in the state. According to one expert, 20 to 30 percent of homeowners are still underwater. Plus, the number of zombie foreclosures — that is, the homes in which a homeowner has moved out — remains a little higher than the national average.

Many Arizona residents are still threatened by the prospect of foreclosure. However, there may be alternative options for those in such a position. With a vigorous and aggressive legal strategy — informed by legal expertise involving real estate matters — it is oftentimes possible to better the chances of halting foreclosure and preserving a family home. Foreclosure takes up to 18 months in Arizona, which may be enough time for a homeowner to begin exploring possible defenses against foreclosure and seeking an alternative to foreclosure.

Source: KJZZ, “RealtyTrac: Arizona Foreclosure Rate Ranked 18th In US,” Dennis Lambert, March 13, 2014

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