If your home is in danger of foreclosure you may have reason to worry. However, it is important to understand that there our legal professionals at USAttorneys.com help you understand your options.
In a nutshell, the process of foreclosure is wherein a creditor can sell the property of a mortgagor when the mortgagor fails to make timely mortgage payments as stipulated by the loan agreement itself. When it comes to The Grand Canyon State, here are some facts about the current Arizona foreclosure laws:
- Judicial foreclosure is available in Arizona
- Non-Judicial foreclosure is also available in Arizona
- Deed of Trust and Mortgage are considered the Primary Security Instruments
- The time taken for the foreclosure process to complete is generally around 90 days
- The debtor does not have any Right of Redemption as per Arizona state foreclosure laws
- Deficiency Judgments are allowed in some cases and not allowed in some cases depending on the specifics of the case itself
So what is the difference between judicial foreclosure and non-judicial foreclosure?
Judicial Foreclosure is the type of foreclosure where the lenders will mandatorily have to obtain a court order before they can proceed with actually selling the debtors house or property. This typically happens when there is no power of sale clause explicitly specified in the mortgage or the deed of trust.
The power of sale clause is, as the name suggests, what would allow for the lender to sell the collateral property without first requiring a court order. This brings us to a Non-Judicial Foreclosure.
Non-Judicial Foreclosure is carried out by lenders when the mortgage or the deed of trust does have a power of sale clause in it. The power of sale clause essentially provisions the lender to sell the collateral property of the debtor in order to recuperate unpaid loans without needing permission from the court in the form of a court order.
What to do when faced with foreclosure?
Irrespective of whether your mortgage has a power of sale clause or not, it can be an overwhelming and scary experience to be faced with the possibility of losing your and your family’s home.
Furthermore, in the days leading up to the initiation of the process of foreclosure itself, you may even be intimidated with letters from the lender asking you to make payments and the tone and wording in these letters and notifications can certainly be perceived as threatening.
There are several ways to deal with foreclosure and to avoid it all together. Filing for bankruptcy is one such method. Depending on what sort of bankruptcy you are granted, you may alternatively open up the option of paying back the loan in a sound payment plan which is more suitable for you. In some cases, you may be completely excused from paying back the loan itself. Do not bank on this though.
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Let’s make this happen! This situation is not going away!