Surprise Foreclosure Lawyers
The Foreclosure Process in Arizona
In Surprise, 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 often is a forced sale of a house at auction, since those are the most common types of property bought through a mortgage. Banks will usually 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 Surprise, Arizona
It is absolutely essential that you maintain a line of communication with your lender. Your can't expect your lender to accommodate your changed financial situation if they don't know about it. Ignoring the issue and hoping it will go away is the worst possible solution.
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.
Because banks don't particularly enjoy foreclosing, they will probably be willing to work out an alternative payment plan with you, if necessary. However, if you think that this might be needed in the near future, you should contact your lender immediately. The sooner they know about it, the more options you have.
Finally, there is the "short sale." Usually 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 option. 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 Surprise, Arizona real estate attorney help?
If you live in Surprise, Arizona and believe that your house is in danger of being foreclosed, you may have more options and protections than you think. You may not know what all of them are, but an experienced real estate lawyer probably will.
Foreclosure Attorneys in the Largest AZ Cities
Life in SurpriseSurprise is located in Maricopa County, Arizona. Its population is one of the fastest-growing in the state- it went from 30,000 in the year 2000 up to 90,000 by the year 2007. The city was founded in 1938 and was named after Surprise, Nebraska.
Surprise is a popular destination for those seeking residential opportunities, in particular retirement homes. In fact, much of the city's population growth can be attributed to Sun City Grand, which is a resort-like, age-restricted residential community. The community is a large contributor to Surprise's population and economy.
Warm weather and modern sports facilities make Surprise an ideal location for those who love sports. For example, the city maintains an outstanding Recreation Campus. The Campus houses the Surprise Tennis and Racket Complex (STRC), which has received several awards. STRC is often the site for important professional matches.
If you have a legal claim, lawyers in Surprise, Arizona will usually file the claim at the Surprise Municipal Court. The municipal court hears civil matters as well as criminal misdemeanor cases. Surprise lawyers can provide you with advice or representation on a variety of legal issues.