The moment you begin struggling to make mortgage payments for your Gila Bend Arizona house or you have missed one or more payments, you may be wondering what it’s like to slowly watch your house go through the processes involved in Gila Bend AZ foreclosures. We can give you an idea.
The process of Gila Bend AZ foreclosures is a long but orderly one. However, the exact steps of foreclosures in Gila Bend Arizona aren’t exactly the same steps for foreclosures in other states.
In many states, a foreclosure requires a court hearing, and the borrower is given a chance to contest the action and even argue in their defense. In other states like Arizona, however, the lender or bank can foreclose on the Gila Bend AZ property without any judicial intervention.
With or without a hearing, foreclosures cause people to lose their homes in Arizona, and in many cases, get zero cash for it. Foreclosures also have a long-lasting negative impact on your credit score.
The stages of foreclosure differ for different states, but in Gila Bend AZ, it generally involves the following :
Stage 1: You receive a Notice of Default (NOD)
Stage 2: Foreclosure filing and trial (in the event of a judicial foreclosure)
Stage 3: Notice of sale and the eventual sale of the property
Stage 4: Eviction
Your own experience with Gila Bend AZ foreclosures may not exactly follow these steps. This is because there may be changes here and there depending on what your lender chooses to do and if they use the judicial or nonjudicial method.
The steps are explained in more detail below.
The stages of Gila Bend AZ foreclosures
Notice of Default
First, you enter into default which essentially means that you’re late on your mortgage payments. Many lenders refer to it as being delinquent.
Your lender is allowed by law to contact you once you’re 36 days behind on your mortgage payments. When it gets to 45 days, you should be expecting a written notice of default from the lender. This notice will come with details about any loss mitigation or repayment options you may be able to use.
For a foreclosure process to begin, you must be at least 120 days behind on your mortgage payments.
Filing and Trial for Foreclosure
The foreclosure filing is the next stage if your lender chooses to go for The judicial method of foreclosure. A foreclosure lawsuit will be filed by the lender against the borrower, also called a “complaint.”
The lawsuit will go before the court, and the borrower is given a right to contest the foreclosure and raise their defenses. The court may still rule in favor of the lender and the Gila Bend AZ property will be scheduled for sale.
Notice of sale and the eventual sale of the property
Gila Bend AZ foreclosures done in the non-judicial style have no need for trials. To start the foreclosure, the lender simply has to issue a “notice of intent to foreclose,” telling the borrower that the foreclosure process has started. They may also advertise the property as one of the houses for sale in Gila Bend, AZ, (usually in a newspaper) before the scheduled sale date.
The property is not just thrown into the Gila Bend AZ real estate market for sale. The actual sale is usually carried out by the means of an auction.
Once the house is foreclosed on, added to the list of homes for sale in Gila Bend AZ, and sold, the homeowner must vacate the premises.
If they don’t, the new buyer can have them evicted from the home legally.
Sadly, being evicted from your house isn’t the only disadvantage of a foreclosure. A dent on your credit report is even more devastating
People whose houses have been foreclosed on will see their credit score fall, and the effects of going through a foreclosure will remain on their credit report for up to seven years.
You can avoid this unpleasant situation by selling your house to us before it gets into foreclosure.
When you sell your house, you are no longer responsible for both the mortgage and the house. Plus you get to have some money from the sale because we will pay cash, or walk away debt-free because we can also negotiate with your lender on your behalf.
If you’re looking for a buyer for your house who’ll buy the home in “as-is” condition and guarantee you a fast close, you’re in the right place. We grant all these wishes and more.