Phoenix Foreclosure Lawyers
If you are in a situation where you are losing your home or another property, the home foreclosure lawyer at Phoenix Fresh Start Bankruptcy Attorneys will work with you to help you get back on your feet and move forward with a plan for your future.
The trusted bankruptcy attorneys of Phoenix Fresh Start are committed to helping individuals and families avoid or stop foreclosure.
We Help Clients Keep Their Homes
Many industrious people who attempted to make the best decisions possible in the real estate market have been negatively affected by the crisis. Hundreds of thousands of people were affected by the real estate bubble, many of them purchased the property when the market was flourishing, only to find themselves underwater on mortgages they couldn’t afford when the bottom fell out of the market.
Phoenix Fresh Start Bankruptcy Attorneys represent people in Phoenix and other surrounding communities in Arizona. Let our legal team help you in getting your debts under control and avoiding foreclosure.
Understanding Foreclosure
Foreclosure is when a lender attempts to recover the amount owing on a defaulted loan by taking control of the mortgaged property and selling it. It is customary for default to occur when a borrower fails to make a specified amount of monthly payments. Still, it can also happen when a borrower fails to comply with other requirements of the mortgage deed as well.
After 90 days of missed payments, the lender delivers a notice of default. The lender’s foreclosure department receives the loan, and the borrower normally has another 30 days to make the required payments and reinstate the loan (this is called the reinstatement period). After the reinstatement time expires and the homeowner has not made up the missed payments, the lender will begin foreclosure proceedings .
Put A Stop To The Foreclosure Process Temporarily
When you encounter temporary financial difficulties as a result of a physical condition, job loss, or another economic circumstance, you may fall behind on your mortgage payments. Individuals may suffer foreclosure if they are unable to restart regular mortgage payments or pay the penalties accrued during difficult economic circumstances.
With the right strategy, it is often possible to prevent, stop, or delay foreclosure based on various conditions. There are foreclosure alternatives available. One way to avoid the foreclosure process is for the homeowner to hand over the full ownership rights to their home in exchange for the payment of any outstanding debts. This arrangement is known as a deed-in-lieu of foreclosure.
Another option is through a short-sale wherein your mortgage lender allows you, the borrower, to sell your house for less than the amount you owed on the mortgage.
If you are facing foreclosure as a result of a temporary financial setback, bankruptcy may provide you with the assistance you need to get back on track.
Because the foreclosure process can begin in or out of court, it can be difficult for consumers to negotiate mortgage payment solutions with their lenders. When all other avenues for preventing or delaying a foreclosure have been exhausted, filing for Chapter 7 bankruptcy may be the best course of action. For 45 to 65 days after filing, Chapter 7 bankruptcy can halt your house’s foreclosure and/or sale. This may provide you with the time necessary to make up for missed payments.
How Declaring Bankruptcy Can Help You Avoid Foreclosure
In the event of a bankruptcy filing, foreclosure proceedings are halted automatically through the automatic stay. The foreclosure is halted during the bankruptcy proceeding.
As a result of the automatic stay, you get the following benefits:
- The sale of your home has been put on hold for the time being.
- You have enough time to decide whether to file for bankruptcy or pursue another debt relief option which may help you in your case.
In many circumstances, filing for Chapter 7 bankruptcy can prevent a foreclosure from taking place for many months.
Other bankruptcy chapters such as Chapter 13, Chapter 11, or Chapter 12 can also save your home.
There is no one-size-fits-all solution, so we take the time to discuss the alternatives to homeowners like you.
Is It Possible to Obtain Foreclosure Protection?
If you are having difficulty making your mortgage payments as a result of COVID-19’s negative effects, you may be able to work with your lender to avoid foreclosure.
To assist people trying to make ends meet, many mortgage firms and states have made exceptions during this period to offset their clients’ financial hardships and keep them from losing their property.
How Long Am I Allowed to Remain in My Home Following Foreclosure?
If you are unable to preserve your home from foreclosure, you have a limited time period during which you may remain in it.
You are not compelled to vacate the premises until the home is sold. The time period between the notification of foreclosure and the sale may range from two months to a whole year, or even more, depending on your individual situation.
What Is Equity?
Equity is the amount of money a borrower invests in their home loan in order to acquire a small portion of the property with each payment.
Equity serves as a savings account for many people because they can sell their property and retain the equity they have accumulated in their pocket.
Will I Lose My Entire Equity if I File for Foreclosure?
If your home is foreclosed, you will retain the equity that remains after all bills and fees are paid.
It is critical to remember that while equity decreases with each missed payment prior to foreclosure, the amount remaining at the end of the process still belongs to you.
Need to Speak with a Goodyear Bankruptcy Attorney Now?
Are you dealing with possible foreclosure, repossession, or wage garnishment? Let our Phoenix attorneys help you in filing for bankruptcy.
In Phoenix, bankruptcy attorneys often don’t offer attorney fee payment plans and few offer payment plans for post-filing attorney fees. We understand that debt can be overwhelming and that is why we have payment plans just about anyone can afford. Our Goodyear bankruptcy lawyer wants to do more than represent you. Our law firm wants to give you a fresh start financially. We offer FREE CREDIT REPAIR with every bankruptcy filing in Phoenix.
