ARIZONA Bankruptcy FORECLOSURE ATTORNEY

Affordable BANKRUPTCY Lawyer Services in ARIZONA

Arizona Foreclosure Attorney

Lawyers to stop a foreclosure in AZ

If you are facing a foreclosure in Phoenix, Tucson, or Mesa, Arizona, an option to save your home may be to file a Chapter 7 or Chapter 13 bankruptcy in order to stop the foreclosure process and save your home.  An Arizona Bankruptcy stops collection efforts from the people foreclosing on your home or property in Phoenix, Maricopa County, Arizona.   An experienced Arizona Foreclosure Attorney can help you save the family home.

Therefore, our Arizona bankruptcy law firm provide the people of Phoenix, Chandler, Mesa, Scottsdale, Glendale, Peoria, and Tucson, Arizona** with experienced Arizona foreclosure attorneys.  Additionally, our Arizona Foreclosure Relief Team offers years of experience.  Plus, we have thousands of satisfied clients.  The low legal fees and affordable bankruptcy assistance makes your “Fresh Start” only a call away.  Call (480) 833-8000 for a free consult.

Foreclosure Options in Phoenix, Arizona

There are options if facing a foreclosure in Arizona.  Exploring said options is always a good idea.  However, depending on your financial and long-term goals, the best method to keep your home and bring debt relief can be determined by an experienced Arizona Foreclosure attorney.  Thus, part of using My Arizona Lawyers for your bankruptcy is allowing our attorneys to evaluate your debt situation.  After your free debt evaluation, our AZ Foreclosure Relief Team lets you understand your options.  Filing a Chapter 7 bankruptcy or filing a Chapter 13 bankruptcy can be a complicated process.  You should seek the assistance of our AZ Foreclosure and Bankruptcy Attorneys to assist you in navigating.

If you are facing the prospect of home foreclosure in Phoenix, Tucson, Mesa, or throughout Arizona, it is important that you contact our bankruptcy law office.  We have Foreclosure Assistance offices in Phoenix, Tucson, Mesa, Glendale, and Avondale, Arizona.  In particular, our foreclosure assistance attorneys understand the uncertainty and fear that goes along with the threat of foreclosure.  Our Arizona foreclosure law firm will provide you with first class representation that addresses your specific circumstances.  Also, the experience of our staff eases the stress of the situation.  Also, with our assistance, you may be able to successfully defend against foreclosure and remain in your home.

ANSWER: 

A foreclosure is the collection method your home loan lender may use against a homeowner who has fallen behind on mortgage payments. The homeowner will be forced to move out, and the house will be sold to pay the balance of the loan. If the house sells for less than the mortgage amount, the homeowner may still owe this balance, known as a “deficiency.” A foreclosure will have lasting negative impact on the homeowner’s credit.

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ANSWER: 

Whoever purchases the home will be responsible for the foreclosure costs. If the homeowner pays off the loan, they will also need to pay foreclosure costs. A new buyer will similarly be responsible for these costs, even if the buyer is the bank.

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ANSWER: 

In Arizona, a non-judicial foreclosure typically takes somewhere between 90 and 120 days. However, the homeowner may object to the foreclosure and file defenses with the court, which can delay the process.

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ANSWER: 

If you are facing foreclosure, you may be able to negotiate an alternative pay arrangement with your lender. A mortgage modification may make your payments more feasible with your budget. You may also obtain a forbearance agreement or apply for a temporary hardship to allow you to stay in the home. Leaving the home early or participating in a short sale may have less negative consequences for your credit than a foreclosure.

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ANSWER: 

In a Chapter 13 bankruptcy, the protections of the Automatic Stay are extended to 3 or 5 years, depending on where you fall on your state’s median income line. This gives you years, as opposed to weeks or months, to pay your back mortgage balance. You will pay your mortgage, back mortgage, and other payments based on how much disposable monthly income you have. You can also include trustee and attorney’s fees in your Chapter 13 plan, so your up-front costs may actually be lower than for Chapter 7.

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ANSWER: 

If your lender is willing to work with you, you may be able to reduce your payments. Modifying your loan can allow you to make lower monthly payments, but the term of your loan will increase. This may cost you more in the long run, but it will save you more in stress and money over a foreclosure.

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ANSWER: 

This is known as a “short sale,” and may be available to you as an option if you don’t have secondary mortgages on your home. If your lender consents to the short sale, you can sell your house for less than the value of the loan, and the lender won’t pursue you for the deficiency. A short sale also has less negative impact on your credit than a foreclosure.

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ANSWER: 

The foreclosure process takes a few months. You can stop the foreclosure with a bankruptcy filing up until the actual sale of the home.

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ANSWER: 

When you file your bankruptcy petition, it enacts a bankruptcy protection known as the Automatic Stay. The Automatic Stay stops methods of creditor collection like foreclosure, as well as wage garnishments, repossessions, and more. Filing your bankruptcy before the foreclosure sale will stop the foreclosure as long as you are protected by the Stay. This is either the lifespan of your bankruptcy- 4 to 6 months for Chapter 7, 3 or 5 years for Chapter 13- or if your lender files a Motion for Relief from the Automatic Stay. Your Stay may also be reduced to 30 days if you have filed and refiled Chapter 13 bankruptcy multiple times in the past year.

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ANSWER: 

If you have no deficiency balance from your foreclosure and no other debts, filing bankruptcy might not be worth it for you. However, this is rarely the case in a foreclosure. Once your house is sold, there is no collateral for that debt to be attached to, making any deficiency balance an unsecured debt. This would be discharged entirely in a Chapter 7, along with all of your other eligible debts. If you file Chapter 13, your deficiency will be grouped with other low priority debts like credit cards and medical bills, which will be discharged with or without repayment through your plan.

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ANSWER: 

Bankruptcy will either stop your foreclosure temporarily or for good. In Chapter 7, the foreclosure will be stopped, but your unpaid balance won’t be discharged if you intend to keep the home. You will need to resolve your arrearages during your bankruptcy, which usually lasts 4-6 months. Otherwise, the bank can proceed with foreclosure after your bankruptcy has been discharged.

Filing Chapter 13 will more permanently stop your foreclosure if you don’t have the available funds to resolve your arrearages in the timespan of a Chapter 7 bankruptcy. Your monthly mortgage payments, along with your other debts, will be paid over 3-5 years. Your past-due amount will be spread out over the course of your payment plan, making it more realistic to pay off, while you are protected from foreclosure by the Automatic Stay.

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ANSWER: 

A foreclosure attorney can help you first by assessing your financial situation to determine what your options are, and describe the benefits and drawbacks of each. Your attorney can help you find defenses and file motions to slow down the foreclosure or have it dismissed entirely. Whether you need to negotiate with your lender or apply for a modification, or bankruptcy is a better path to save your home from foreclosure, your attorney can guide you through the correct steps for your option. If you’re facing foreclosure, learn about what options are available to you in your free initial consultation. Don’t wait for the sale to begin pursuing your foreclosure alternatives, especially bankruptcy. Call My AZ Lawyers for your free foreclosure consultation today.

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Arizona foreclosure and bankruptcy attorney infographic