Avondale Foreclosure Lawyers

Avondale Foreclosure Lawyers, AZ

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The Foreclosure Process in Arizona

In Avondale, Arizona, foreclosure is a legal process through which an entity which has issued a mortgage takes possession and/or ownership of the property that secured the mortgage, because the individual who took out the mortgage has consistently failed to make payments on it. The property in question is usually a house.

Foreclosure most commonly is a forced sale of a house at auction, since those are the most common types of property bought through a mortgage. Banks will normally try to get rid of the property as quickly as they can, selling it for as much money as they can get in a short period of time.

In all states in the U.S., including Arizona, borrowers have the option of foreclosure by judicial sale. This permits a court to oversee the sale of the property by the bank. The purpose of this is to get the house to sell for the highest price possible. While this might seem like something that would only benefit the bank, it is also a great benefit to the borrower, since it increases the likelihood that the sale will encompass the full balance of the mortgage, preventing them from having to pay it.

In many states, mortgages fall into a category of loans recognized as "non-recourse loans." This means that, if the house is sold by the lender, the entire debt is eliminated, even if the sale price was less than the remaining balance on the loan. While the loss of one's home can be personally devastating, treating a mortgage as a non-recourse loan at least means that the homeowner will be more or less free to move on with their life once the property is foreclosed and sold.

How to Possibly Avoid Foreclosure in Avondale, Arizona

To prevent foreclosure, communicating with your lender is key. Let's face it - if you're in a case where foreclosure looks like a possibility, your life is not going to be easy for some time. While it's challenging to step up and acknowledge unpleasant facts, doing so will make your life much easier in the long run. If your lender is aware of your situation, it's far more likely that you'll be able to work something out with them.

You should remember that the bank doesn't really want your house. They granted a mortgage hoping to make a profit from interest, and that's what they'd much rather do. They aren't in the business of buying and managing real estate. Therefore, banks will sometimes go to surprising lengths to accommodate your financial hardship, especially if it's temporary.

If you experience a sudden change in your financial situation, your lender, in an effort to keep you from defaulting, might be willing to accept lower monthly payments, at least temporarily.

Lastly, there is the "short sale." Normally considered a last resort, a short sale results in the borrower losing their home, but discharges almost all of their remaining mortgage debt. If the house is worth far less than the balance of the mortgage, this might be a good choice. In Arizona, when a house is sold in a short sale, the proceeds go to the lender. If it sells for less than the mortgage balance, whatever's leftover is forgiven. If it sells for more, the surplus goes to the homeowner.

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Can a Avondale, Arizona real estate attorney help?

In Avondale, Arizona, dealing with a possible foreclosure is never easy. However, the assistance of a seasoned real estate lawyer can make the whole process much more bearable, and possibly delay or even prevent the foreclosure altogether.

101 Real Estate, Housing & Property Law cases posted to LegalMatch lawyers in Avondale

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Life in Avondale

Avondale is very near Phoenix, Arizona, located in Maricopa County.  It is very well noted for being home to the Phoenix International Raceway, a fun and famous auto-racing facility!

Being near Phoenix, Avondale residents have access to some very well-known law firms of all sizes.  Phoenix is home to many large, mid-size, and small law firms that are home to many competent attorneys.  Many of these attorneys have been educated at the top-tier University of Arizona Law School.  Therefore, many lawyers working in Phoenix have a connection to Arizona and its residents.  Avondale citizens can therefore enjoy personalized legal service from attorneys who care about their home.

Some famous residents of Avonda include Craig Mabbitt, Nick Harris, Clancy Pendergast, Raymond Shuey, and Everson Griffen. 

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