What is Foreclosure in Oro Valley, Arizona?

Oro Valley Foreclosure Lawyers, AZ

Find the Right Lawyer Now

Foreclosure is the legal process 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 Oro Valley, 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 collect 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 overseen 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 entire balance will be covered, as well as the odds that there will be some money leftover for the borrower). In some states, original mortgages are "non-recourse loans," meaning that the lender can only recover ownership of the house in the event of default. If the house is now worth less than the balance of the mortgage, the lender has to take the loss. You should speak with a Oro Valley, Arizona lawyer to see if this state is one of them. However, it is almost always the case that this protection does not apply to loans which have been refinanced.

How Can I Avoid Foreclosure in Arizona?

First, and most importantly, you should not ignore the issue. Failing to respond to foreclosure calls from your lender will not make a problem go away. You should stay in touch, and be forthright with, your creditor as much as possible. It is crucial to remember that banks don't really want to own homes in Oro Valley. In issuing a mortgage, they expect to make a profit through interest on the loan, and they'd prefer to continue collecting from you. Therefore, they're likely to make reasonable accommodations to your financial situation if it will enable you to keep paying them in the long run.

If you believe that foreclosure is imminent, there are some other options. For example, you might be able to engage in a "short sale," which sometimes allows you to sell your house for whatever amount you can get, give the proceeds to the lender, and walk away free of your mortgage debt, even if the sale netted less than the balance of the mortgage. There is also the option of a "short refinance," which forgives a substantial portion of your mortgage debt, and refinances the rest.

Find a Oro Valley Lawyer that Specializes in Your Area of Need:

How Can A Oro Valley, Arizona Attorney Help?

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

49 Bankruptcy, Banking and Credit cases posted to LegalMatch lawyers in Oro Valley

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
Business - Litigation Lawyer
LegalMatch Business - Litigation Lawyer Gregory M.

Gregory M.

PIMA, AZ

Business - Litigation

Rating (1 users) *****
See Reviews
Criminal Law Lawyer
LegalMatch Criminal Law Lawyer Ursula G.

Ursula G.

PINAL, AZ

Criminal Law

Rating (1 users) *****
See Reviews
Family Law Lawyer
LegalMatch Family Law Lawyer Shahid M.

Shahid M.

PLACER, CA

Family Law

Rating (2 users) *****
See Reviews

Need a Bankruptcy Lawyer?

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