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Follow on Google News | Judicial Foreclosures and Short Sales in ArizonaMany homeowners are wondering whether a short sale is the right course of action for them in today’s market. This is the third article in a series of posts regarding Arizona foreclosure from the Pak & Moring law firm.
Judicial Foreclosures This is a type of foreclosure that is conducted as a court proceeding, and is typically used to foreclose loans on property that serves as the basis for a mortgage that is being defaulted on. An alternative foreclosure method is non-judicial foreclosure, which involves out of court proceedings typically conducted by a trustee. In Arizona, judicial foreclosures are incredibly rare because they take up a great deal of time, allow the homeowner the statutory right of redemption (the ability to get their home back after the completion of the foreclosure) Short Sale When homeowners begin defaulting on their mortgages, they risk foreclosure of their property by the lender. An alternative to a lengthy and stressful foreclosure process is a short sale, or the opportunity for a homeowner to sell their house for less money than he or she actually owes on the mortgage. The lender takes a loss on the loan they extended to the homeowner, but in return prevents further losses and the need to go through the entirety of the foreclosure process. This can happen only if the lender approves a discount on the mortgage and agrees to receive less money from you than you previously owed. To discuss a case with Pak & Moring, email info@pakmoring.com Why would a lender agree to a short sale? It is in the trustee’s (lender’s) How do I know if a short sale is right in my case? If you would like more information on whether a short sale is good choice for you, please contact Pak & Moring (http://www.pakmoring.com/ (Please note: while informative, these posts are not intended to be formal legal advice, are not completely authoritative, and should not be solely relied on as a primary basis for legal action.) # # # Scottsdale based law firm, Pak & Moring PLC, provides the Phoenix area with exceptional and aggressive representation with the attention you deserve. Our firm handles legal issues involving personal injury, business law and contracts, and real estate. End
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