Foreclosure Assistance

Facing a foreclosure can be one of the most stressful things in our lives. You’ve worked hard and purchased the house you love, only to have it all threatened due to an unplanned event. The pandemic showed us how life could change overnight, and the unthinkable can come to pass. Millions faced the inability to pay their mortgages while banks offered no support.

Current real estate conditions have ballooned the cost of housing across Arizona, making it difficult for many Arizonans to afford the cost of living amid economic uncertainty and high inflation. At Hard Money Lenders Arizona, we offer you our deepest sympathy during this time and want to help you stay in your home.

Young Couple Reading Foreclosure Notice Letter

What Does Foreclosure Mean?

Foreclosure is the legal process by which your lender attempts to recover what you owe on a home loan in default by taking over the ownership of the property and then selling it. A home goes into foreclosure due to a specific number of monthly mortgage payments having been missed. In general, the bank prefers that you pay off what is owed than them having to incur the costs and time associated with the foreclosure process. Still, during a time of extreme housing shortages, like now, they might stand to make a significant profit.

Generally, the process can take some time, but it can also vary tremendously based on the bank and how quickly they navigate the foreclosure process. The process is much faster for lenders than other states in Arizona, averaging between 90 and 120 days in a non-judicial foreclosure. You may only have three months to stop a foreclosure once it starts. It is not reversible once the process is complete, and immediate action is essential.

Actions to Take Immediately

Person Signing Up for Foreclosure Assistance Plan

There are action items that need to be of the highest of priorities once the foreclosure process begins. These are:

• Don’t ignore it – It is not uncommon for borrowers to not want to deal with the problem out of fear of addressing what a foreclosure might mean for them. The further behind you become, the more likely you can lose your home.

• Contact the lender immediately – The lender’s goal is to save themselves time and money from having to carry out the process. They don’t want your home during most periods and want to talk to you.

• Read all of your mail – The communications you receive from your lender offer information about ways to prevent the process. Your mail also informs you of important dates in the process.

• Understand your rights – Every state is different. Arizona has some protections, but they are nowhere near as stringent as some other states.

• Cut your spending – This can seem impossible in a time of high inflation and challenging financial conditions. Look for expenses that might be luxuries and cut them.

• Use assets you have – You might own assets that can be sold for cash, like a car or a whole life insurance policy, and can help you reinstate your loan. Even if you’re not able to fully cover the past due amount, you demonstrate to the lender that you’re making sacrifices and want to retain your home.

• Request a forbearance – A forbearance allows families that have fallen beyond to put their payments on hold for some time. This period gives you a chance to get back on your feet before paying back the amount owed at the end of that defined period. A forbearance does create an issue of needing to repay the amount plus make regular mortgage payments at the end of the forbearance period either as a lump sum or part of a repayment plan.

• Apply for a loan modification – A loan modification can help you lower payments by extending the period of your loan, lowering interest rates, or both. The modification is to reduce your payments to a manageable amount. Often the lender will require several payments made on time before finalizing the modification terms.

• Look at hard money lending – Sometimes, you need a solution that resets everything. Assets might not be available to sell, and cutting spending further isn’t possible. Reinstating your loan and getting life back on track is your best option. Hard money lending is your best bet to getting the cash you need to be back on track other than private funding from a friend or family member. Traditional loans and home equity lines might be available during foreclosure, whereas hard money lending is available.

Foreclosure is mitigated and kept off your financial record by conducting a short sale or signing a deed in lieu of foreclosure. Both options end up giving up your home. High real estate prices also mean high rents post-pandemic, and the goal is to keep you in your home. These are options only of last resort, and we are committed to making sure they never need to happen.

Everyone deserves their realization of the American Dream. You’ve been affected by circumstances out of your control. Your dream needn’t be taken away and holding on to that dream matters.

What is Hard Money Lending?

A hard money loan can give you the cash you need to catch up on your home loan and provide you with cash to pay off existing bills and get back on track. During hardship, too many of us have had to rely on other sources of credit, like high-interest cards, incurring monthly payments that seriously eat into our incomes. Ridding yourself of those financial burdens not only gets you on the right footing to save your home but has a better financial future ahead of you.

Hard money lending is the process of temporarily selling your home to a lender for a fair amount. The sale documents also have a detailed agreement with a specific timeline and a payment schedule. These arrangements allow you to buy back the home. During this period, you may stay in your home with the knowledge that the stress and burden of dealing with a potential foreclosure have been taken off your plate. Hard Money Lenders Arizona wants to keep you in your home, get you back on track, and remove the stress and pain a foreclosure has brought into your family’s lives. We understand the pain and hardship you’ve endured and love seeing the burden removed from our clients.

Hard money lending is frequently the best possible option for our clients facing foreclosure because of the full reset it offers them. The balances of credit cards or other loans holding them back might be too hard to catch up or pay off right away, even with forbearance or reduced mortgage payments. The money saved when paid off can often make paying a mortgage easy again.

Post pandemic is also a great time to catch up. While inflation is running hotter than any time in 40 years, jobs are paying much more while unemployment is at historic lows not seen since the 1950s. Many of our clients are finding higher-paying employment in addition to resetting their lies with a hard money loan.

There are options when dealing with foreclosure. It is a trying time and can cause tremendous emotional pain and stress, but it has to be addressed head-on to prevent the loss of your American dream. It is essential to explore every option and find the one that works best for you. Contact your bank right away and let them know you are working on it, which can slow the process somewhat. They will start offering what options they might have available.

Hard Money Lending Arizona is committed to keeping its clients in their homes. We understand the hurt and pain you’re feeling and are here for you. Give us a call as soon as possible; we can go over all of the options you have at this time with caring and concern to hold on to your American Dream.

Start your hard money loan application today! Call Us At (480) 576-5788 or click below

This offer is not guaranteed if you do not meet our criteria, including credit worthiness, insurability or ability to providing acceptable property as collateral. Terms and conditions apply. Programs, rates, terms and conditions are subject to change and are subject to borrower(s) qualification. This is not a commitment to lend. The content in this website has not been approved, reviewed, sponsored or endorsed by any department or government agency.
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