What is a Foreclosure?
Foreclosures occur when a home owner stops making their mortgage payment to the bank and the bank takes the home from the homeowner to be sold to another.
What happens during a foreclosure?
- Typically the lender will wait 3-6 months of non-payment by borrower.
- A "Notice Of Default" (NOD) is recorded with the county and the borrower is made aware they are facing foreclosure.
- Borrower has three months to correct non-payments (bring loan balance to current status).
- If loan is not brought current, a "Notice Of Sale" is recorded with the conty and sent sto the borrower. This documnet will also have the sale date, and location, included. The sale may also be made known to the public inorder to attract buyers.
- Finally, the home is Auctioned off at a Trustee Sale. For more information on Auctions or Trustee Sales, click HERE.
Below are some resource links for more information on Foreclosures. For listings or informatoin about available Foreclsoure homes to buy, call 602-956-0432.
Arizona Mortgage Trouble Assistance Line - Information for home owners to avoid foreclosure.
Arizona Foreclosure Prevention Task Force - education on the foreclosure process.
Association of Community Organizatoins for Reform Now (ACORN) - housing counseling agencies will be helping borrowers access programs
Facing Loan Foreclosure or Alleged Foreclosure Rescue Scams? Arizona Department of Financial Institutions - Do's and Dont's when facing foreclosure.
Field Guide to Arizona Foreclosure Help-Line
IRS Foreclosure Q&A - Home Foreclsoure and Debt Cancellation
Maricopa County Community Legal Services - Not for Profit Arizona Law Firm
Field Guide to Foreclosure - This field guide provides links and tips for the potential investor as well as help for those trying to prevent foreclosure.