What is Foreclosure in Apache Junction, Arizona?

Apache Junction Foreclosure Lawyers, AZ

Find the Right Lawyer Now

Foreclosure is the legal procedure by which the lender in a mortgage arrangement takes possession of the property (typically a house) that secured the loan. This is done when the Apache Junction, Arizona debtor has repeatedly failed to make their payments. Foreclosure typically requires the house to be sold at an auction. Typically, banks want to rid themselves of the property as soon as they can, in order to gather as much money as possible.

In every state, including Arizona, borrowers have the option to go through foreclosure by judicial sale. This means that the auction will be supervised by a court, to make sure that the bank makes an effort to get as high a price as possible (to increase the chances that the whole balance will be covered, as well as the odds that there will be some money leftover for the debtor). In numerous states, original mortgages (as opposed to refinanced loans) are "non-recourse" loans, meaning that the most the lender can collect is whatever the foreclosed property sells for. The bank cannot go after the debtor for the balance, if the sale nets less than the amount due. You should consult a attorney in Apache Junction, Arizona to learn the details of the law here. You should also know that this rarely applies to loans that have been refinanced.

How Can I Avoid Foreclosure in Arizona?

First, and most importantly, you should not dismiss the issue. Failing to respond to foreclosure calls from your lender will not make a issue go away. You should stay in touch, and be forthright with, your creditor as much as possible. You should remember that banks in Apache Junction don't want your house. While the foreclosure process can be devastating for the homeowner, it's no walk in the park for the bank, either. They expected to make a profit through interest on the loan paid over time, and foreclosure is a last resort, allowing them to cut their losses and move on. If you are forthright with them, lenders will typically try to accommodate your changed financial situation, to avoid a default on your part, and the necessity of foreclosing on their part.

If you can't work anything out with your lender, or have become totally unable to make any mortgage payments, a "short sale" might be a good option. This allows you to sell your house for whatever price it can get, and hand the proceeds over to the lender. If the sale price is less than the balance of the loan, the rest of the debt may be forgiven. You might also consider a "short refinance" which allows a part of the debt to be forgiven, and lets you refinance the rest.

Find a Apache Junction Lawyer that Specializes in Your Area of Need:

How Can A Apache Junction, Arizona Attorney Help?

If you are facing the possibility of foreclosure, a good Apache Junction, Arizona real estate lawyer can help. At the very least, they will be able to inform you of your legal options.

69 Bankruptcy, Banking and Credit cases posted to LegalMatch lawyers in Apache Junction

Foreclosure Attorneys in the Largest AZ Cities

Show Arizona Cities

Foreclosure Lawyers in Other Arizona Cities and Towns


Find the Right Lawyer Now

Top Rated Lawyers

View attorney profiles and see how other LegalMatch users rate attorneys that may respond to your case.

Bankruptcy, Banking and Credit Lawyer
LegalMatch Bankruptcy, Banking and Credit Lawyer Christopher K.

Christopher K.

Los Angeles West, AZ

Bankruptcy, Banking and Credit

Rating (17 users) *****
See Reviews
Criminal Law Lawyer
LegalMatch Criminal Law Lawyer Steven M.

Steven M.

PINAL, AZ

Criminal Law

Rating (1 users) *****
See Reviews
Family Law Lawyer
LegalMatch Family Law Lawyer Robert L.

Robert L.

Maricopa SouthWest, AZ

Family Law

Rating (7 users) *****
See Reviews
General Practice Lawyer
LegalMatch General Practice Lawyer Jeffrey S.

Jeffrey S.

SANDUSKY, OH

General Practice

Rating (6 users) ****
See Reviews

Need a Bankruptcy Lawyer?

No obligation - Lawyers compete for your case. Choose your issue & get started now: