How to Avoid Foreclosure in Maricopa

While the housing market is rebounding, many people in Maricopa are still struggling to make their mortgage payments.

If you’re underwater on your home or having trouble keeping up with your monthly mortgage payments, you could be fearful that your mortgage provider is going to foreclose.

Thankfully, there are several things that you can do to avoid foreclosure in Maricopa. It’s important to remember that moving quickly is paramount and could save your credit rating and your home.

So let’s dive in on a couple quick tips on possibly how to avoid foreclosure in Maricopa with your home.

When Does Foreclosure Start?

Foreclosure is the legal process that a lender undertakes to take possession of a property when the borrower has not been able to make their payments. It starts with a notice of default, which is sent to the borrower and serves as an official warning that they are in breach of their mortgage contract. This isn’t the start of foreclosure yet, but it does indicate that foreclosure proceedings will begin if payments are not made. After this, the lender will typically file a Notice of Sale or Notice of Trustee Sale with the local county recorder's office. This serves as public notice that foreclosure is taking place and sets in motion certain time limits and procedures for completing the foreclosure process. Finally, after all other requirements have been met, a sale date is set and announced publicly. The actual foreclosure takes place on this date or shortly thereafter, depending on state laws.

The Keys of How To Avoid Foreclosure in Maricopa Don’t Abandon Ship

Many people simply give up and walk away from their home. There are even areas of Maricopa have begun to resemble ghost towns, as the economy has impacted residents significantly.

Detroit is a prime example of what can happen when people abandon their homes.

This can be stressful situation, but it’s extremely important to keep your wits about you. A foreclosure will have a huge negative impact on your credit score, and likely prevent you from purchasing a home for years to come. If you sell your home, you could leave a portion of the loan unpaid, and the lender could pursue legal action against your for the unpaid portion.

While it’s extremely stressful, you do have options:

• Negotiate with your mortgage lender. Banks and other financial institutions are well aware that citizens of Maricopa are struggling. If you haven’t missed a payment yet, you may have some leverage to renegotiate the terms of your loan. Banks don’t like foreclosing on homes, and many will work with you if you aren’t too far behind. You may be offered forbearance, or even a full loan modification.

• Ask for help from Uncle Sam. Over the last five years, the federal government has implemented a number of programs to help struggling homeowners. The Home Affordable Modification Program (HAMP) allows struggling homeowners to modify their loans, reducing monthly payments. The Home Affordable Refinance Program allows homeowners who are current on their mortgage payments refinance an adjustable rate mortgage into a low-interest, fixed rate loan. Both of these programs are subject to eligibility requirements.

We understand that the possibility of losing your home can be stressful. You aren’t alone. Citizens all over Maricopa are going through the same troubles. Foreclosure can have a lasting effect on your financial life, and it’s important to move quickly and take advantage of any options available. You could save both your credit rating and remain in your home.

We Can Help You Stop a Foreclosure

We may be able to help you avoid foreclosure… connect with us today and lets discuss your situation. We don’t charge any fees… we’ll evaluate your situation… and present you your options so you can move forward and get this foreclosure behind you.