Arizona Foreclosure HELP

If you live in the great state of Arizona, you have been affected by the mortgage crisis in some way. Whether you are facing foreclosure, one of your relatives just lost their house or your neighbors house has been empty for the last 8 months - Arizona has the 2nd most foreclosed homes in the United States.

If you live in Phoenix and you have not been affected by the mortgage crisis, good for you! If you are like the thousands of home owners who are losing everything pay attention.

If you are facing foreclosure you have many options - all that ultimately keep you in your home. Being forced to move from your home could possibly be the worst thing that could happen outside of a death. All the memories, accumulated posessions, work to find a new place etc. We all know what a pain that is envolved, it is our job to make sure you don't go through it.

At SOS Home, we have saved hundreds of home owners with Arizona foreclosure assistance and saved their home. We have a staff of registered foreclosure experts who can service home owners all over the county. We specialize in Arizona foreclosure assistance and Colorado foreclosure assistance having offices in Phoenix and Denver. This does not limit where we are able to help. We are able to council our clients over the phone since most of our work is done on the phone anyway with mortgage lenders etc.

We always give our fist consultation for free so any questions or concerns you have we will do our best to answer them. If you choose to go with us for you Foreclosure help, we only charge if we are successful! This is not a lie, we only get paid if we save your house... can you lose? NO

Check out our website for more information http://www.866soshome.com/ or call us at (866) SOS-HOMe [866-767-4663]

Loan Modifications Help to Avoid Foreclosure

(Source: Jose Montero)

This subject has received a lot of press lately. With the resetting of mortgage rates to higher levels, the foreclosures are bound to go higher. Short sales have not been a good option since the banks at taking forever to respond to any offer that is sent their way. That leaves the loan modification as the first and easy step to follow to avoid foreclosure for the homeowner. But be careful, there are many companies out there right now that claim to be saviors, but are more like predators looking to take what little of your money is left. So what is a loan modification and what can it do to help you avoid foreclosure?

In a loan modification you are asking the bank to help you stay in the home and avoid foreclosure. They can do this by modifying the loan terms to reduce your monthly payments. Sometimes this is done on a temporary basis, and often it is done permanently. The first thing you should do when you are having problems meeting your mortgage obligations is to talk to your bank. I read a recent article that half the number of people that default on their mortgages never talk to their banks. This is inexcusable since the bank can do many things to help the homeowner avoid foreclosure.

Talk to your bank. Let them know you are having, or will soon have, a hard time making payments. Talk to them about your financial status. If you have recently lost, or are in the verge of, losing your job, let them know. Talk to them about anything that is affecting your ability to make the mortage payments. Please always keep in mind that the bank WANTS to talk to you. They might not always help, but this first contact is crucial if you later want to request a short sale on the property.
Document your Loan Modification efforts - Write down who you talk to and when. Document what was said to you and by whom. Talk to several different lenders and mortgage brokers to see if refinancing is an option. This is important since you might be later requested to show that you put some effort into avoiding foreclosure.
What to ask from the Bank- Let your bank to know that you will not be able to continue to make payments on your mortgage and you need assistance. Ask the bank to modify the loan by reducing the interest rate, forgiving part of the principal, extending the maturity of the mortgage (15 years to 30 years), foregoing payments, etc. There are many ways that the bank can help you avoid foreclosure, but you have to initiate the contact.

Most likely you will be speaking to someone in the Collection Department as part of the modification process. If they are not able to help, ask to speak to the Loss Mitigation Department. They are the ones that get involved if the person is on the verge of losing their home. Ask them about the possibility of doing a short sale on the property.

Get Advice!!! Talk to your CPA, attorney, about any impact that a short sale, foreclosure or bankruptcy can have on your financial future. This is important!

Consult with a real estate agent that is knowledgeable about short sales. This is a very complex and time consuming process. Most real estate agents will avoid short sales, and do not want to be bothered with them. Get someone with training and experience to assist you through the entire process.

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5 Tips to Saving your Home

How to Get Foreclosure Help Today?

5 Tips to Help You Save Your Home!

1.) Learn About Foreclosure
Foreclosure is something that can happen when you get behind on your Mortgage Loan. Foreclosure is a process in which the estate becomes the absolute property of the Lending Institution. Foreclosure is a very serious matter that needs to be handled.

Foreclosure is a legal process by which a lender (sometimes referred to as the “mortgagee”) seeks to collect a debt by taking property that secures the debt. Foreclosure
help is available with most Landers. Check the Internet. Sometimes you can find FREE Foreclosure information.

Learn everything about Foreclosure and save your home.

2.) You Need Help Today!
If you are late with your Mortgage payment, you need Foreclosure Help today.

Foreclosure is a serious situation that has serious repercussions. If you can, you want to avoid Foreclosure as much as possible. The biggest mistake you can make is to do nothing until it is too late! Find Real Estate Forums on the Internet. You can learn from other home owner’s experience with their refinancing or foreclosure process.

3.) Refinance
Refinance your mortgage if you can. Lenders pull your credit, verify employment, and gather a host of other financial information about you, but they aren’t doing it in order to advise you in your purchases and other financial decisions. They’re doing it as a means to assess the risk of lending to you (how much and at what rate). Lenders may approve you more conservatively (that is, for less money) now than they did a few years ago, but there’s no guarantee that they still won’t approve you for more than you can afford. They will do this because (a) it puts more money in their pocket and (b) you’ll sacrifice other things before you let your mortgage payments lapse. Mortgage lenders make money by collecting your principal and interest payments. It is not in their best interest to proceed with a foreclosure. Find a Lender who can help you to avoid Foreclosure.

4.) Find a Loan Modification Program
Sometimes a Loan Modification Program is the best Foreclosure help.
Lenders are more likely to go along if a competent third party is there to help smooth the process. Lenders will sometimes allow a reduced payoff for a Loan if it is obvious a foreclosure is inevitable and a third party purchaser is willing to buy the property at a price lower than the full payoff.

Loan Servicers are used to dealing with mortgage delinquencies related to life events such as unemployment or illness, with the most common approaches being a temporary repayment plan or the folding of missed payments into the principal balance. A widespread decline in home prices, by contrast, is a relatively novel phenomenon, and lenders and servicers will have to develop new and flexible strategies to deal with this issue. Loan Modification allows you to refinance your mortgage loan or even extend the term of your loan. The Lender may settle for monthly mortgage payments that are within your financial means.

5.) Protect Yourself!
Don’t be a victim. When you need Foreclosure Help, make sure you find competent Professional companies to work with! Don’t let anybody scam you! Foreclosure records are public. Scam artists will contact you. Get advice only from Professionals!

Foreclosure isn’t easy, and stopping Foreclosure isn’t easy, but if you are well informed you can keep from losing your home.

Get Foreclosure help before it is to late!

How to avoid foreclosure

(Source: CNNMoney.com)

Here are some ways to cope when you have fallen behind on your mortgage payment.

NEW YORK (CNNMoney.com) -- President Bush signed the housing bill Wednesday. And while the part of the bill that allows homeowners who cannot afford their monthly payments to refinance into government-backed loans may be implemented as soon as October there's been some question as to whether it's going to take longer than that. If you are in danger of foreclosing on your home there are some steps you can take now.

Know the timeline
Once you miss a payment, your lender likely reports that to the credit bureaus.

And with every missed payment, your credit score goes down. Plus, you'll start getting hit with late fees. After 90 to 150 days in most cases, your lender may file a notice of default with a local courthouse. You'll probably get a letter saying the foreclosure process will start, unless you become current on your payments.

If you don't become current, you may have anywhere from 2-3 months to a year before the house is put on the auction block according to David Petrovich, author of Fight Foreclosure.

Get a loan modification
Try to get a loan modification before you even miss a payment. This is probably the least onerous of the options out there, if you can get it. This is basically a change in loan terms. A modification will lower your monthly mortgage payment or let you skip a few payments. Bottom line here is that the term of your loan will be extended.

To request a modification, call your lender and ask to be transferred to the loan modification department. Make sure you have some recent pay stubs, current or prior year W-2 forms, bank statements, property tax bills and insurance bills.

If possible, obtain appraisal information for your home. And the process can be frustrating. It could take weeks. "It's up to you to be proactive, persistent and aggressive, says Petrovich. "Loss-mitigation departments are overwhelmed, under-staffed and under-experienced," he says.

He says lenders will likely devote more attention to your case, the closer you are to having your home sold at auction.

Consider a sale
If you can't afford your mortgage, your best bet is to sell your home. But...if you owe a lot more on your home that it's worth, you may be able to get the lender to accept less than you owe on it by negotiating a short sale.

Basically you sell the house for what you can get and the lender agrees to accept it. In some cases the deficit will be forgiven, but in other cases you may have to sign an unsecured loan for the amount. Negotiating a short sale isn't always easy.

"Lenders are not as receptive to short sales as I thought they would be," says Petrovich. "Lenders are not willing to accept these losses gracefully." You generally have to write a hardship letter, indicating why you can't make the mortgage payments.

The bank usually controls the negotiations and you don't have much say in the process. And keep in mind the process is slow. It can take 4-5 months from the first time you submit your package. You can also do a deed-in-lieu transaction.

With a Deed-in-Lieu transaction, you hand over your deed to the house to your lender. In return you are released from your mortgage. But lenders cannot be forced to accept a deed. In fact, you may have to have tried to do a short sale and failed.

So, having your lender accept a deed-in-lieu can be challenging. We've talked about some alternatives to foreclosure. But sometimes, it's unavoidable. Having a sheriff's sale on your credit report is a black mark you'll want to escape if possible.

If this is inevitable, keep in mind that you can still repair your credit. Typically foreclosures are on your record for seven years. And don't forget that you're not alone. There are millions of families that are going through exactly what you are going through .

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Ariozona Foreclosure Laws

- Judicial Foreclosure Available: Yes
- Non-Judicial Foreclosure Available: Yes
- Primary Security Instruments: Deed of Trust, Mortgage
- Timeline: Typically 90 Days
- Right of Redemption: none
- - Deficiency Judgments Allowed: Varies

In Arizona, lenders may foreclose on deeds of trusts or mortgages in default using either a judicial or non-judicial foreclosure process.

Judicial Foreclosure

The judicial process of foreclosure in Arizona, which involves filing a lawsuit to obtain a court order to foreclose, is used when no power of sale is present in the mortgage or deed of trust. Generally, after the court declares a foreclosure, your home will be auctioned off to the highest bidder.

Non-Judicial Foreclosure

The non-judicial process of foreclosure in Arizona is used when a power of sale clause exists in a mortgage or deed of trust. A "power of sale" clause is the clause in a deed of trust or mortgage, in which the borrower pre-authorizes the sale of property to pay off the balance on a loan in the event of the their default. In deeds of trust or mortgages where a power of sale exists, the power given to the lender to sell the property may be executed by the lender or their representative, typically referred to as the trustee. Regulations for this type of foreclosure process are outlined below in the "Power of Sale Foreclosure Guidelines".

Power of Sale Foreclosure Guidelines

If the deed of trust or mortgage contains a power of sale clause and specifies the time, place and terms of sale, then the specified procedure must be followed. Otherwise, the non-judicial power of sale foreclosure is carried out as follows:

The trustee must record a notice of sale in the office of the recorder of the county where the property is located. Within five (5) days after the notice is recorded, the trustee must mail, by certified mail, a copy of the notice of sale to each of the people who are parties to the trust deed, except for himself. Additionally, the notice must appear in a newspaper in the county where the property is located once a week for four (4) consecutive weeks, with the last notice being published not less than ten (10) days prior to the date of the sale.

Optionally, if it can be done without a breach of the peace, the trustee can post the notice at least twenty (20) days prior to the date of the sale, in some conspicuous place on the property to be sold and/or he or she can post the notice at the courthouse or at a specified place at the place of business of the trustee in the county in which the property is located.

The trustee or the trustee’s agent must conduct the sale. The sale is for cash to the highest bidder, except that the lender can make a "credit bid," which means to cancel out some part (or all) of the money the borrower owed the lender on the lean, instead of paying cash. A successful high bidder must pay the bid price by 5 pm of the day after the bid, other than a Saturday or legal holiday. Every bid is an irrevocable offer until the sale is completed, which happens when the bidder pays the bid price to the trustee’s satisfaction. If the high bidder fails to make the payment by 5:00 pm, the day after being notified of the option to buy, then the trustee may postpone the sale.

The trustee may postpone the sale to another time, or another place, by giving notice of the new date, time and place by public declaration at the last place and time the property was offered for sale. No other notice is required. A trustee may also, by written agreement, extend the time for a buyer to come up with the payment.

Once the sale is complete, the proceeds will go to the payment of the obligations secured by the deed of trust that was foreclosed, then to junior lien holders in order of their priority. The successful bidder gets a trustee’s deed, which provides conclusive evidence that the trustee conducted the foreclosure sale property.

A note regarding Deficiency Suits: A lender may not bring a deficiency suit against a person who lost a property that is 2.5 acres or less at a foreclosure, provided the property was a single one-family or a single two-family dwelling. This is so even if the high bid at foreclosure was less that the balance due on the loan. However, in foreclosures against other types of property, a deficiency suit is allowed, but is limited to the difference between the balance owed and the fair market value of the property, and then only if the suit is brought within ninety (90) days of the power of sale foreclosure.