Due to the Global Financial Crisis, and the substantial increase in unemployment, foreclosures are now common place. With foreclosures becoming an ever increasing reality for many families in the Arizona, it is important that you understand the long term and short term implications, and also how it can be avoided.
If you are facing foreclosure, you are added to the foreclosed Register and all major credit agencies are informed. This means that your credit rating becomes adversely affected which in turn means that it will become incredibly difficult to gain credit of any description and few mortgage lenders would provide you with a mortgage now or in the future. The result is that you and your family would have to move out of your home and find elsewhere to stay, meaning that you have to face the trauma of uprooting your family. With the recession deepening it is best to do whatever is necessary to prevent foreclosure before it is too late. Don’t stick your head in the sand.
The basic court process that you would go through if you were threatened with foreclosure is as follows;
Summons for Possession – A letter is sent stipulating the time and date of the hearing
The Hearing – You are asked to attend court and although you may be permitted to stay in the property the most usual outcome is for the court to issue a possession order.
Bailiffs Warrant – This is where you are forcibly removed from the property if you have not vacated by the date specified by the court at the hearing. At this stage the possession can only be stopped if you pay off all the arrears in full immediately and in some cases they will demand the whole mortgage loan in full.
There is an alternative to this! You have the power to stop foreclosure at any time.
If you sell your property quickly to Cash For Your Home AZ, we can help you to obtain a stay of foreclosure from the court. We have attended many court hearings with our sellers, and most of the judges want to see a foreclosure stopped. They like the fact that we create a win win win solution, preventing future action taken against the seller, the bank gets paid and we buy a property. Everyone wins!
Even if you are being foreclosed today we may still be able to stop it.
Act before it is too late!
Ask us about the Cash For Your Home AZ Mortgage Rescue system where you can simply transfer your mortgage to us and prevent foreclosure in Arizona.