Foreclosures in Laveen, AZ happen every now and then. The term refers to a legal action taken by mortgage lenders in order to take charge of a property of theirs that is in arrears. On the part of borrowers facing foreclosures in Laveen, AZ, there is usually a lot of uncertainty about their legal rights and even the long-term consequences of foreclosures in Laveen, AZ.
If you are going through financial difficulty, and you are scared that you may lose your house, we want you to know that you’re not alone. Lots of borrowers that are going through financial difficulties are usually scared of the possibility of foreclosures in Laveen, AZ. Nevertheless, although this is a logical emotional response, it is not the smartest one, and neither is it the one we recommend.
The beginning of Foreclosures in Laveen, AZ
The changes that came with the pandemic spiraled a lot of families into extraordinary hardship making even more people susceptible to foreclosures and many others considering putting up their property for sale in Laveen AZ.
Although, there are some provisions for relief available, it is usually easier if the homeowner speaks to their servicer early. Many homeowners reach out to their servicer when they have already defaulted on their payment and at this point, almost nothing can be done to help them.
We will briefly go over the basic foreclosure process, how you can avoid foreclosure, and what you can do if you already sense that you will soon be a victim of foreclosures in Laveen, AZ.
How do foreclosures happen?
Foreclosures in Laveen, AZ happen when your mortgage lender or the bank takes possession of a home or property because the homeowner is in default. This action usually takes place contrary to the homeowner’s will.
This is legal because according to your mortgage agreement, if you stop making payments on your loan, then the lender or bank has a right to reclaim the property through foreclosure.
The foreclosure process can be judicial or non-judicial depending on your state. In Arizona, both methods are allowed but the non-judicial method is more commonly used. Thus, you’re more likely to experience non-judicial foreclosures in Laveen, AZ.
The types of foreclosure explained
Just as their names imply, judicial, and non-judicial foreclosure refer to foreclosure in and out of court respectively.
In the case of a judicial foreclosure, the lender first files a lawsuit to initiate a foreclosure against the borrower.
The borrower in turn may go to court to fight the lawsuit. Failure to respond to the lawsuit grants the lender automatic victory.
If at the end of the court case, the borrower loses, the house goes into foreclosure and joins the list of Laveen houses for sale and can be sold at auction.
Non-judicial foreclosures, on the other hand, depend on deeds of trust or power-of-sale clauses in the mortgage to get back the balance owed if the borrowers stop making payments. When these foreclosures happen in Laveen, AZ, there is no court hearing and it is generally a faster process than a judicial foreclosure.
Usually, the mortgage clause authorizes trustees to be appointed by the lender to sell the property to pay off the balance.
In this process, the lender must follow the out-of-court steps laid out by the state and the mortgage agreement made in order to list the house as one of the houses for sale in Laveen AZ.
What happens after a foreclosure?
When foreclosure happens, the homeowner loses their home and is sent back to the process of searching for a house for sale in Laveen AZ, if they can afford it, that is.
You do not have to wait until it gets to this emotionally wrecking point where you lose your home, get no money for it, and have to start searching for a new house for sale in Laveen for you to live in.
You can sell your house before things get bad and get cash for it. Yes. We will pay cash or negotiate terms with your mortgage lender and we will buy the house in “as is” condition. That way, you do not have to waste more time making repairs on the house.
Why should you sell your house to Tgaz Investments?
Selling your home to Tgaz Investments before it joins the list of Laveen houses for sale due to foreclosure is quite the smart move because you get to move out of your house at your pace and not be sent out against your will. What’s more is that you will have some money to get another place to stay, or at least you will no longer have unresolved debt with your mortgage lender.
We save you the hassle of closing costs and with us, you can be assured of a fast close. We are direct so No fees or commissions are attached, and there are no inspection or appraisal contingencies either. Give us a call at 480-848-7173, or 337-227-9200, (if you are in Louisiana) today and take the first move before you get taken by surprise.