Tucson Foreclosure Lawyers
The Foreclosure Process in Arizona
In Tucson, 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 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 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.
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. Essentially, 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 Tucson, Arizona
It is absolutely essential that you maintain a line of communication with your lender. Your can't expect your lender to accommodate your altered financial situation if they don't know about it. Ignoring the issue and hoping it will go away is the worst possible solution.
You must keep in mind that banks are in the business of lending funds, not flipping property: the bank doesn't really want your house. To that end, they'll occasionally go to great lengths to accommodate your financial situation, whatever it may be. For banks, foreclosure is a last resort.
If you face sudden expenses, such as medical bills or a lawsuit, which put a serious but relatively short-term strain on your finances, you should notify your lender instantly. You might find that they are willing to accept lower payments, if this will keep you from defaulting.
As a last resort, you might consider a "short sale," which results in loss of the home, but it usually leads to a great deal of the debt on the mortgage being forgiven. Essentially, 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.
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Can a Tucson, Arizona real estate attorney help?
In Tucson, Arizona, dealing with a possible foreclosure is never easy. However, the assistance of a reputable real estate lawyer can make the whole process much more bearable, and possibly delay or even prevent the foreclosure altogether.
Foreclosure Attorneys in the Largest AZ Cities
Life in TucsonTucson is a major city in Arizona and the county seat of Pima County. With a population of about 548,000, it is the second largest city in Arizona after Phoenix. Tucson is just over 100 miles from Phoenix and about an hour away from the U.S.-Mexico Border.
Often called "The Old Pueblo", Tucson is an attractive mix of traditional southwestern culture and modern innovations. The downtown area of Tucson has retained much of its historic southwest feel. Several downtown buildings such as the Hotel Congress and the Art Deco Fox Theater were constructed in the 1920's. Midtown Tucson also draws many visitors to the city. For example, the University of Arizona is located in midtown, which includes Arizona Stadium as well as the McKale Center.
The tourism industry fuels much of Tucson's economy, with some 3.5 million visitors bringing in over $2 billion a year. Tucson's warm climate attracts many "snowbirds", or winter visitors who often purchase a second home in the city. Popular events for tourists include the Tucson Gem & Mineral Show and the Tucson Folk Festival.
Lawyers in Tucson, Arizona handle most of their cases at the Tucson City Court. Tucson lawyers are available to help you understand the many laws that are unique to the state of Arizona.