What is Foreclosure in Tucson, Arizona?
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 Tucson, 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 some states, original mortgages are "non-recourse loans," meaning that the lender may 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 Tucson, Arizona attorney to see if this state is one of them. However, it is almost always the case that this protection does not apply 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. One should remember that banks generally don't want to take your house in Tucson. They issued your mortgage expecting to earn a profit on the interest. Taking possession of, and selling, your house is a last resort for them. Therefore, if you are honest with them about your financial situation, they are likely to make reasonable accommodations to keep you from defaulting.
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. There is also the option of a "short refinance," which forgives a significant portion of your mortgage debt, and refinances the rest.
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How Can A Tucson, Arizona Attorney Help?
If you think foreclosure is imminent, a good Tucson, Arizona lawyer may be your best hope for staving it off. Even if keeping the house proves impossible, a good attorney can minimize the financial effects.
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Life in TucsonTucson is a major city in Arizona and the county seat of Pima County. With a population of about 548,000, it is the second largest city in Arizona after Phoenix. Tucson is just over 100 miles from Phoenix and about an hour away from the U.S.-Mexico Border.
Often called "The Old Pueblo", Tucson is an attractive mix of traditional southwestern culture and modern innovations. The downtown area of Tucson has retained much of its historic southwest feel. Several downtown buildings such as the Hotel Congress and the Art Deco Fox Theater were constructed in the 1920's. Midtown Tucson also draws many visitors to the city. For example, the University of Arizona is located in midtown, which includes Arizona Stadium as well as the McKale Center.
The tourism industry fuels much of Tucson's economy, with some 3.5 million visitors bringing in over $2 billion a year. Tucson's warm climate attracts many "snowbirds", or winter visitors who often purchase a second home in the city. Popular events for tourists include the Tucson Gem & Mineral Show and the Tucson Folk Festival.
Lawyers in Tucson, Arizona handle most of their cases at the Tucson City Court. Tucson lawyers are available to help you understand the many laws that are unique to the state of Arizona.