Foreclosure Law in Arizona
In Gilbert, 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 person who took out the mortgage has consistently failed to make payments on it. The property in question is usually a house.
Foreclosure most frequently is a forced sale of a house at auction, since those are the most common types of property bought through a mortgage. Banks will typically 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 allows 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 cover the full balance of the mortgage, preventing them from having to pay it.
Some states treat mortgages as "non-recourse loans." A non-recourse loan is one that is secured by the borrower's property, but for which the borrower is not personally liable. Basically, this means that a lender in a foreclosure can take the house that was mortgaged, but nothing else. If the house sells for less than the lender is owed, it cannot go after the borrower.
How to Possibly Avoid Foreclosure in Gilbert, Arizona
First and foremost, you need to communicate with your lender, and not ignore the issue. Ignoring a problem with your mortgage will not make it go away, and can only make things worse. You should be forthright with your lender, and stay in touch with them as much as possible.
You must keep in mind that banks are in the business of lending money, not flipping property: the bank doesn't really want your house. To that end, they'll sometimes go to great lengths to accommodate your financial situation, whatever it may be. For banks, foreclosure is a last resort.
If you experience a sudden change in your financial situation, your lender, in an effort to prevent you from defaulting, might be willing to accept lower monthly payments, at least temporarily.
As a last resort, you might consider a "short sale," which results in loss of the home, but it typically leads to a great deal of the debt on the mortgage being forgiven. Typically, a short sale in Arizona involves selling the house for whatever price it can fetch. The proceeds from the sale go to the lender, and if it sells for less than what's left on the mortgage, the balance of the debt is forgiven.
Can a Gilbert, Arizona real estate attorney help?
In Gilbert, Arizona, dealing with a possible foreclosure is never easy. However, the assistance of a knowledgeable real estate lawyer can make the whole process much more bearable, and possibly delay or even prevent the foreclosure altogether.
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