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How can a foreclosure in Arizona be avoided?

It can feel overwhelming to realize that you and your family might be on the brink of losing your home. You may have initially missed just one residential mortgage payment, but then another slipped by and before you knew it, the bank is threatening foreclosure. It is essential for Arizona residents to face the possibility of foreclosure – a lender taking over possession of a homeowner’s home due to the homeowner’s failure to make mortgage payments – head-on.

One of the hardest steps to take, but possibly the most important, is to take charge of the issue and to confront them. Ignoring the uncomfortable situation of a possible bank takeover of your property will not make it go away.

How can a foreclosure in Arizona be avoided? If you do not know where to turn or how to begin, a real estate attorney may be able to offer guidance about important first steps to take, as well as advise you on what rights you have pursuant to your loan documents.

Maintaining communication with the lender, including responding to mail, is also important, particularly if correspondence contains any possible pending legal action. The possibility of legal action should not be taken lightly.

There may be alternatives to foreclosure. Short sales as well as other loss mitigation techniques are alternatives that may offer a better solution than a foreclosure. However, it is essential to be aware of foreclosure recovery scams. Some companies may falsely claim that by signing a document granting that company power to act on your behalf, they can stop a foreclosure immediately. To protect your rights, it is imperative to understand all legal documents involved in your foreclosure.

If a homeowner is facing foreclosure, being proactive in confronting the issue, as well as consulting with a real estate attorney, may allow the homeowner to avoid foreclosure. Learning more about the situation could help homeowners understand the options available to them so they can take appropriate action.

Source: FindLaw, “10 Tips to Avoid Foreclosure,” accessed May 1, 2015

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