Mesa Arizona Foreclosure Help, Defense, Laws and Process

 


In Mesa, Arizona, owning a home can be achieved in different ways one of which is a mortgage loan. What is more, the deposit one is required to raise for the mortgage has been on the decline. It is now possible to own a home through a mortgage with a minimal down payment. Unfortunately, not all goes according to plan when it comes to a mortgage. Due to the financial difficulties people experience at various points in their lives, persons may find themselves behind in their mortgage payments. This can result to the loss of the property and the equity that has been created through foreclosure.

It is advisable to seek government assistance in case you find yourself in this situation You need to contact a HUD- approved Housing Counselor as soon as possible so that they give you management tips on all the proper channels available in handling the situation and you will be assisted through the foreclosure proceedings. This way, you will be up to date with what is going on and your mortgage rights will not be trampled on.

If you choose to ignore the problem, it will magnify exponentially. The creditor will charge you a penalty for defaulting the payment and all the legal proceedings will be added to the balance you owe. It will not only be expensive for you to repay this loan but also harder if you have it reinstated. You are highly advised to act faster because anyone can lose their home.

Stop Foreclosure Mesa, Arizona

If you find yourself in a situation where your financial stability has changed, then you need to consider the following:

  • Do not be ignorant of the situation because the more you assume you have more time the more it increases the chances of foreclosure.
  • Communicate with your creditor as soon as possible in order to re-negotiate the payment terms. Loan modification can be the solution to all your problems.
  • Acknowledge the receipt of the first notices you receive. They are bound to contain vital information on foreclosure prevention tips.
  • Be aware of your mortgage rights
  • Contact your HUD-approved Housing Counselor. This could be the key to all your foreclosure woes. Government help is free.
  • Liquidate your assets if they are valuable enough to repay the loan. These assets can help you reinstate your loan.
  • File for bankruptcy. This may buy you time to find the money to re-pay the loan or give you time to liquidate some of your assets.

Mesa, Arizona Foreclosure Process

In Mesa Arizona the law states that foreclosures to occur through in-court and out-of-court proceedings. But most of the time it is managed by a public trustee out of court and it takes 6 month. The most common process of foreclosure method used in Mesa Arizona is the non-judicial.

The non-judicial proceedings are as follows in the state of Mesa Arizona:

  1. The Public Trustees record the notice of election and demand with the county clerk as soon as the lenders attorney files the suit
  2. The Public Trustees then publish the notice of election and demand in a public newspaper for a whole week
  3. The borrower then receive this notice from the Public Trustees
  4. 2 weeks before the date of sale the borrower receives a notice containing redemption instructions
  5. This process may be barred when the borrower files a notice of ‘’intent to cure’’ with the Public Trustees a week earlier before the sale of the property.
  6. The sale must take place 45 to 60 days after the notion has been filed
  7. The Public Trustees auction off the property at the entrance of the courthouse.

After Foreclosure it is advisable to repair your credit in order for you to improve your credit scores.