What is Foreclosure in Eagar, Arizona?

Eagar 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 (usually a house) that secured the loan. This is done when the Eagar, Arizona debtor has repeatedly failed to make their payments. Foreclosure usually requires the house to be sold at an auction. Usually, 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 Eagar, 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 foremost, you should not dismiss the possibility of foreclosure. Failing to respond to collection calls from your lender will not make the problem go away. As unpleasant as this may seem, you should stay in contact with your creditor, and be honest with them. You should remember that banks in Eagar 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 honest with them, lenders will usually try to accommodate your changed financial situation, to avoid a default on your part, and the necessity of foreclosing on their part.

If you believe that foreclosure is imminent, there are some other avenues. For example, you may be able to engage in a "short sale," which sometimes allows you to sell your house for whatever amount you can receive, 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. You may also try a "short refinance" which allows a piece of the debt to be forgiven, and the rest refinanced. This allows the bank to wash its hands of the matter, while taking a comparatively small loss, and allows the homeowner to keep their home.

Find a Eagar Lawyer that Specializes in Your Area of Need:

How Can A Eagar, Arizona Attorney Help?

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

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 (18 users) *****
See Reviews
Business - Litigation Lawyer
LegalMatch Business - Litigation Lawyer Gregory M.

Gregory M.

Apache, AZ

Business - Litigation

Rating (1 users) *****
See Reviews
Employment and Labor Law Lawyer
LegalMatch Employment and Labor Law Lawyer Jason B.

Jason B.

Pinal, AZ

Employment and Labor Law

Rating (1 users) *****
See Reviews
Family Law Lawyer
LegalMatch Family Law Lawyer Jon D.

Jon D.

Atascosa, TX

Family Law

Rating (3 users) **
See Reviews

Need a Bankruptcy Lawyer?

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