Arizona And Its Foreclosure Process

The economic problems that the major population in the United States of America is

experiencing may have caused some homeowners to fall behind their mortgage payments. Actually, in Arizona, many homeowners are having difficulties paying for their mortgage that they are facing another problem in the form of foreclosure. Many financial advisors may advise that bankruptcy may be the best option for these Arizona homeowners. Still, it is vital that the foreclosure process in Arizona must be understood by these homeowners.

In Arizona, foreclosure comes in two types: judicial foreclosure and nonjudicial foreclosure. A lawsuit and an approval of a judge is needed in the judicial type of foreclosure. But in Arizona, this type of foreclosure rarely happens. But in a nonjudicial foreclosure, passing through a court is not needed to let a property be sold in public. These two type of foreclosures also have differences in terms of timeframe. One needs quite a long time when dealing with a judicial foreclosure because it can take up to a year or even longer as everything will be dependent upon the state of the courts and the extent of the defendant. Meanwhile, a nonjudicial foreclosure can take only around four months to complete.

Once a property is foreclosed, the so called redemption right can help the original owner of the property take it back. In a redemption right, fully repaying the mortgage balance and the expenses of the lender in foreclosing the property must be paid first before the property can be redeemed. However, in Arizona, right of redemption cannot be possible when a nonjudicial foreclosure was used. In the case that redemption right was utilized, an owner has only six months to pay for what needs to be paid.

Whenever a home gets foreclosed due to financial difficulties, things may get very difficult. The U.S. government actually protects this kind of situation. There are bankruptcy laws that can help people when the debts get too overwhelming which is why filing for an Arizona Bankruptcy is not always a negative option. It can also be a decision that may help one in avoiding foreclosure.

by: John Raymond Collado

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