How long does the foreclosure process take in Arizona? What can slow it down/stop it other than the obvious?

by oliver on September 30, 2010

Question:

How long does the foreclosure process take in Arizona? What can slow it down/stop it other than the obvious?

Someone I know just received the notification from the county recorder yesterday. I’m trying to find out approximately how long they have. There has been a medical hardship that is causing them to look at bankruptcy to deal with their other debts.

Answer:

The borrower should immediately inform the lender of his situation in order to arrive to a compromise. Tell your friend that he should talk to his lender and work out an agreement. He can go to the U.S. Department of Housing and Urban Development or H.U.D. and look for assistance. They provide free housing counseling in order for borrowers to learn the foreclosure process and know the ways on how they can prevent it. They offer a lot of programs that would help your friend solve his foreclosure problem. He can ask the help of the banks for refinancing. In addition to this, he can also apply for a loan modification program, wherein the lender agrees to modify or change the terms of the mortgage to make it more affordable to you. He can also ask the lender if he agrees for a short sale, wherein the property is sold in the open market at its fair market value. Once the lender receives the payment of the short sale, he will be relieved of his financial obligations regarding the mortgage. However, if all else fails, filing for a bankruptcy would definitely help prevent the foreclosure process and stop creditors from collecting debt.

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