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.
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.