In Arizona, consumers face serious repercussions when they are involved in a foreclosure. The legal process allows the lender to seize the property and resell it. The process begins when the consumer becomes at least ninety days delinquent on their mortgage loan. The following are FAQs about Foreclosure Glendale AZ.
What Options are Available to Stop Foreclosure?
The consumer has limited options for stopping a foreclosure. They approach their lender to acquire a loan modification or file for bankruptcy. An attorney guides them through these processes to prevent issues. A loan modification is achieved according to a failure to follow lending laws. Bankruptcy is available if the consumer is eligible.
Can the Lender Evict the Consumer?
Yes, the mortgage lender has the right to evict the consumer once the foreclosure is initiated. The law states that the consumer has at least thirty days to vacate the property. However, if the mortgage loan contract identifies specific eviction terms, the lender doesn’t have to wait thirty days.
Can the Consumer Reacquire the Property After Foreclosure?
Yes, the consumer has two options for reacquiring the property after the foreclosure. They can pay the lender the full balance they owe according to the mortgage contract. On the other hand, they could purchase the property through the auction. The lender has the right to sell the property through an auction to collect the balance of the mortgage.
Is the Consumer Responsible for Any Outstanding Balances?
Yes, if the lender doesn’t collect the full balance, the consumer is required to pay the remaining balance. The lender can take legal action against the consumer to collect this balance.
If the Property Sells at a Higher Value Does the Consumer Get Any of the Proceeds?
No, the consumer doesn’t receive any additional proceeds if the property was sold after foreclosure.
In Arizona, consumers could lose their home through a foreclosure. To stop the process, they could acquire a loan modification or file for bankruptcy. After a foreclosure, the mortgage loan and the foreclosure remain on the consumer’s credit history for up to ten years. Consumers who need help with Foreclosure Glendale AZ contact Asheton B Call or Browse Site today.
