Tucson foreclosure attorney offering
information on the process
Due to recent economic conditions, a great many people who never expected to have any trouble making their mortgage payments have been falling behind. There is a lot in the news about threats of foreclosure. So many homeowners are concerned about the possibility of losing their homes or perhaps are even facing a foreclosure, but do not understand what is involved in foreclosure proceedings. The Tucson foreclosure lawyers at the Law Office of Neff & Boyer, P.C. here provide information about how the process works.
Steps in the foreclosure process
When you took out your home loan, you gave your lender a mortgage-also known as a deed of trust in Arizona-as a security interest in your house. This document gives the bank or other lender the right to start foreclosure proceedings-and ultimately sell your house- when you default, i.e., do not the make payments when due. The foreclosure process generally follows these steps:
- The lender gives you a written notice of default.
- You get a period of time to pay the missed payments, curing the default.
- The lender elects to proceed with foreclosure.
- You get a notice of foreclosure sale.
- A public sale is held by auction. Your property is bought by the highest bidder.
- If no one bids enough, the lender may buy the property.
- If the lender buys the property, it may sell it again by private sale at a later date.
- If you have not vacated the home by the time of the foreclosure sale, an unlawful detainer lawsuit may be filed to evict you.
Do not give up without a fight
Banks do not like foreclosures because they are expensive, take time, and generally create bad feelings and bad publicity. However, they will foreclose if they are not given better options. An experienced foreclosure attorney in Tucson may be able to help you avoid this fate-as the Law Office of Neff & Boyer, P.C. has assisted many Arizonans in this position over the years.
Alternatives our Tucson real estate lawyers discuss with homeowners in this situation include:
- Negotiations with your lender
- Deed in lieu of forfeiture
You may have defenses in the foreclosure action, too. For example, if the bank did not follow the foreclosure rules or if the original loan is shown to have been deceptive, a court may stop the foreclosure. You can also stop a foreclosure temporarily by filing bankruptcy. However, each option carries serious financial and legal implications for the future.
If you find yourself in a potential foreclosure situation, the best course of action is to contact a foreclosure lawyer in Tucson who can help you chart the most effective course open to you.
Contact a Tucson foreclosure lawyer
If you are facing a potential foreclosure on your home, our experienced Tucson real estate attorneys can provide you with personal, effective, and efficient legal representation. Contact Tucson foreclosure attorneys at the Neff & Boyer, P.C, today by e-mail, or call us at 520-722-8030 for an initial consultation.