Arizona Foreclosure Process

If you have missed a payment and you are concerned about the Arizona foreclosure process, you should be. It is important that you are aware of how the process works, the time it takes to go through, and if it can come back to haunt you later.

The Arizona foreclosure process can happen rather quickly but it usually depends on the lender and how fast they are to act on the case or if they are willing to work with you. Lenders will give you a chance to get caught up if you want to save your home. A foreclosure begins when you miss a payment. However, you usually need to miss two or three payments before the papers are filed through the courthouse by the lender initiating the foreclosure process. When the papers are filed the first notice posted in the paper under public records is a notice of default. The notice of default is an announcement that the process has started. The lender will do their best to contact you to get you caught up on the mortgage and to stop the process. If you cannot get caught up on the payments then the bank will initiate a sale through an auction. This is the next step known as an intent to sell. A date will be set and the location is usually at the local county courthouse doorsteps.

The Arizona foreclosure process can be a quick process. This is because the state of Arizona has experienced so many foreclosures in the past couple of years it has sped up. The courthouse is now fast at moving the papers through for the bank. Work with your lender and talk to them to ensure your home is not at the auction in as quickly as 4 months of your missed payment.

If you do work with your lender to avoid the Arizona foreclosure process, be sure that you follow through with all of the promises that you make to the bank. If you make promises of payment that you cannot follow through with then the process may pick up right where it left off and you might find your home up for sale.

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