Phoenix Arizona Foreclosure Help, Defense, Laws and Process


The world of loans may promise a million benefits at the first instance along with providing you the most attractive offers but in the last stages everyone is aware of the consequences that prevail in form of foreclosures. Phoenix has a population of approximately 1,321,045 people where more than 50% of the residents have their house on foreclosure basis. Arizona, Phoenix Foreclosure Help can provide you some handful advices and tips that protect you from bankruptcy. But before one knows about the saving technique, one must know about the system which guides foreclosures.

The law in regard to foreclosure in Phoenix states that if any part of the payment is due and still continues to be in default beyond a stipulated period of time, then the lender has a right to sell the property and realize the sum that was originally lend to the borrower. In such a context, it creates a personal liability of the borrower’s house which in default can even take away his home.

Phoenix Arizona Foreclosure Process

Foreclosure is regarded as a non-judicial remedy in Phoenix.

  • The Phoenix foreclosure process takes about 120 days to complete where the lender instead of going to the court can issue a foreclosure by means of advertisement, commonly known as foreclosure by advertisement.
  • The power to sell is often mentioned in the trust deed which is signed by both the parties at the time of borrowing, which provides the lender the power to sell the property of the defaulter in case of his default.
  • Usually, there is an appointment of a trustee who carries out the sell proceeds on behalf of the lender. The sale mainly takes place in the form of an auction, where the highest bidder is given the preference.

Quick facts to be kept in mind during the Phoenix foreclosure process:

  • “Deed of trust” and “mortgage” is being used as securing methods by the lenders in the Arizona state that means while signing the loan agreement you gave the lenders a resale right of your property in case you failed to payback. For this the lenders won’t need any judicial intervention.
  • Apart from this the lender can seek judicial help and file a lawsuit and obtain orders to initiate the process of foreclosure.
  • The timeline varies from 30 days to 60 days which is quite long and can give enough windows to work out a solution for the Phoenix foreclosure process.
  • Moreover the redemption timeline for the Phoenix foreclosure process is 12 months which even gives you more time to work out an even better plan.

Phoenix foreclosure process counseling:

  • The US Government has always been notifying the citizens about the Phoenix foreclosure process avoiding scams. And has always recommended consulting a HUD certified foreclosure avoidance counselor/agency in case a foreclosure process is initiated.
  • There are many rights/liabilities/procedures/protocols needed to be in place
  • More information regarding HUD agencies counseling the Phoenix foreclosure process

Along with it, one can also go for government help that has set up various centers which can avail the lender relief on legal terms but not by way of foreclosure. There are also agency and advice councils that run on private basis and consists of a group of highly qualified professional who are experts in foreclosure avoidance. Thus, we can conclude that the matter of Arizona foreclosure bailout is a very tough nut to crack and an individual shall stay away from these as they are not judicial in nature. Hence, loans should be taken but only from those institutions who are covered under the law which is prevailing in the country. Here are some links which will surely help you a lot.