If your home is about to join the list of foreclosed homes in Maricopa County, AZ, and you are new to Maricopa County Foreclosures, then this article is definitely for you.
Foreclosure indicates that a lender is about to take possession of a home because the homeowner who is the borrower stopped making payments on the mortgage loan they used to purchase the house. This is a simple explanation for why your house is about to join the Maricopa county foreclosure list.
Maricopa county foreclosures or any other foreclosure, at that, is one of the most difficult financial situations a person can face, but the irony is that even lenders do not like it either. They’d rather keep getting payments from you than add your house to their foreclosure listings in Maricopa county.
If you’re able to carry your lender along from the start, you may be able to keep your home or work something out with them and avoid joining the list of foreclosed homes in Maricopa AZ.
More so, the law expects lenders to work with borrowers who are falling behind and to provide options that may help them.
Thus, it is not right to avoid your servicer when you’re in a tough financial situation. They may be able to help you avoid a much-dreaded Maricopa county foreclosure.
They are meant to help you the homeowner keep your home and avoid Maricopa foreclosures when you encounter financial difficulties.
About Maricopa County Foreclosures
The mortgage contract usually requires the borrower to make monthly payments. This is usually for a term of about 15 or 30 years. If you as the borrower fall behind on payments, your lender can decide to take the house back and add it to the list of bank-owned homes in Maricopa County, AZ.
A good percentage of homeowners in a survey in the United States said they wish they had a good understanding of their mortgage and its terms.
It is good to know that understanding foreclosure and how it works is key to avoiding losing your home.
When an individual buys a property, the lender that lends them the money for it goes through a thorough vetting process to ensure that the borrower can afford to pay. A large percentage of mortgages last for 30 years.
Unfortunately, unforeseen circumstances can happen at any time and cause a person’s financial situation to change drastically.
This perfectly explains what happened during the COVID-19 pandemic. Many homeowners, due to the loss of their job or a reduction in income led fell months behind on their mortgage payments than had ever been recorded since 2010, the height of the Great Recession. By the month of June in 2021, over a year into the pandemic, 1.9 million Americans were still months behind on their mortgage payments.
A global pandemic is not the only thing that can drastically change an individual’s financial situation.
Some other major reasons for foreclosures include:
- The death of a loved one who contributed income
- Job loss or income reduction
- Debt, particularly credit card debt
- Illnesses or Medical emergencies leading to a lot of medical debt
- Natural disaster
- An unexpected big expense
- Moving without being able to sell the home
All of these reasons are legitimate and can happen to anyone so do not feel bad if you’re in that position. What you need to do is find ways out of it.
What options are available to you?
Putting your house on the list for Maricopa county foreclosure auctions or Maricopa county trustee sales, are options that you may have previously considered, nevertheless, to qualify for these, your house must meet certain specifics.
What you may not know is that you can sell your house quickly (in a way that is unconventional and convenient), and this can help you avoid foreclosure.
There is a “cheaper” way to sell your house and avoid Maricopa County Foreclosures altogether. You do not have to go through the Maricopa county home auction route to escape foreclosure. You can sell your house to us without making any repairs because we buy as-is. Selling to us is also cheap because we are direct, therefore, there are no fees or associated commissions.
You may have tried to get your property on the Maricopa county foreclosure auction list to no avail or you may not even want to get it there but are actively searching for ways to sell your house.
Regardless of what the situation is, a great way to get ahead of Maricopa county foreclosures is by contacting us to sell your house for cash. Yes, you read that right. We will either pay cash, take over your mortgage agreement from your lender, or offer you favorable terms. We save you thousands of dollars in closing costs as well.