What is Foreclosure in Chandler, Arizona?

Chandler Foreclosure Lawyers, AZ

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Foreclosure is the legal process by which the lender in a mortgage arrangement takes possession of the property (normally a house) that secured the loan. This is done when the Chandler, Arizona debtor has repeatedly failed to make their payments. Foreclosure normally requires the house to be sold at an auction. Normally, 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 many 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 borrower for the balance, if the sale nets less than the amount due. You should consult a lawyer in Chandler, Arizona to learn the details of the law here. You should also know that this rarely applies to loans which have been refinanced.

How Can I Avoid Foreclosure in Arizona?

First and foremost, you should not ignore the possibility of foreclosure. Failing to respond to collection calls from your lender will not make the problem go away. As unpleasant as this might seem, you should stay in contact with your creditor, and be straightforward with them. You should keep in mind that banks normally don't want to take your Chandler home. They aren't in the real estate business, and expect to make money through interest on the loan, not by selling your house. If you are up-front with them early on, they will probably make a reasonable effort to accommodate your financial system if it will keep you from defaulting.

If you can't work things out with your lender, there are other options. You could try a "short sale," which is when you sell your house for whatever amount you can get for it, and use the proceeds to pay your mortgage. If the house sells for less than you owe, the bank still gets those proceeds, but the remainder of the loan will be forgiven. A "short refinance" might also be an option in some cases. This allows you to have some portion of the debt forgiven, while refinancing the rest.

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How Can A Chandler, Arizona Attorney Help?

If you are facing foreclosure, a good Chandler, Arizona real estate attorney can help. While keeping your home might not always be possible, a lawyer can increase your odds of success, and help you minimize the negative impact if you do end up losing your home.

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Life in Chandler

Since the 1950s, Chandler, Arizona has been growing in population, diversity, and economic growth!  Chandler is home to many attractions.  For the nature-lovers, the Veterans Oasis & Environmental Educational Center have over 100 acres of wetlands and desert perfect for hiking, fishing, biking, and picnics.  Those who love to skate will enjoy spending time at the Chandler Skate Park, a 35,000 square-foot park used by skateboarders and in-line skaters.  

A very unique attraction is Rawhide, a 1880s themed western town with shootouts, wagon rides, burro rides, gold panning, etc.  Rawhide opened in Chandler in 2006 and has been a favorite of the locals and tourists since!

Chandler's historic downtown is filled with shops, restaurants, and galleries.  There is also a quaint garden filled with antique shops and an old-fashioned ambiance.  On the first Wednesday of every month, local artists display their work for everyone to enjoy, and hopefully buy.  Located near downtown is Chandler Historical Museum, a museum free to the public with many exhibits displaying the city's rich history.

Chandler is also famous for the Ostrich Festival and Jazz Festival.  The Ostrich Festival is a family event with ostrich races and other "ostrich-themed" activities.  There is also music, parades, a carnival, and great food.  The Festival originates from the city's tradition of Ostrich Ranching.  Similarly, the city has an annual traditional event-the Jazz Festival.  This is a weekend long event where many jazz musicians showcase their talent for the public to enjoy!

Since Chandler is viewed as one of Phoenix's most prominent suburbs, residents of Chandler have access to the large firms and legal market of Phoenix.  Additionally, there are many smaller firms and solo-practitioners with law offices located in Chandler, guaranteeing attorneys who are focused on zealously representing their clients.  Therefore, everyone's legal needs are met.  Moreover, Chandler residents are fortunate to have a more personalized and service-oriented approach to address their legal needs.

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