Are you experiencing a tough financial situation that may lead to the process of Peoria, AZ foreclosures being initiated?
A foreclosure in Peoria AZ is emotionally and financially difficult for homeowners that experience the process. It can be mentally, emotionally, and even financially draining.
What incites the process of Peoria, AZ foreclosures?
Peoria foreclosures happen when a lender chooses to act on a homeowner’s missed payment. The lender will often file a notice to begin a legal process of foreclosure in Peoria AZ.
Usually, the lender would wait about 3 months or more after the homeowner’s first missed payment. After this, they’ll send the notice of default, which is a written notification to the homeowner that they (the lender) will pursue legal action and add the homeowner’s house to the list of foreclosure homes in Peoria, AZ if the debt is not paid. If the lender chooses to go through the route of a judicial foreclosure, they may also send a public notice to the County Recorder’s office to preserve their right to file a lawsuit with the court.
When all of these happen, the foreclosure process has officially begun, and the process can last 3 – 10 months. Homeowners who fail to take quick action are at a very high risk of losing their homes for good once the process involved with Peoria, AZ foreclosures has been set in motion.
All the bank wants is to get the money they’re owed. Thus, if the borrower continues to owe, then you can rest assured that Peoria, AZ foreclosures are around the corner.
How are Peoria foreclosures initiated?
The lender may then initiate a judicial foreclosure (if that is the route they choose), execute a deed of trust, or initiate a nonjudicial foreclosure.
The method used largely depends on the laws of the state and the lender’s preference. Usually, foreclosure in Peoria AZ is done using the non-judicial method, nevertheless the lender reserves the right to choose to use the judicial method as well, if they please. They, however, often do not go this route because it usually costs them quite some money.
At the end of the day, the goal of the lender is to sell the house and recoup what they can of its losses on the loan so, very often, an auction or trustee sale will take place.
Auctions commence with a minimum bid of the debt amount. The foreclosed home is then sold to the highest bidder. The moment your home is sold during the auction, you will be required to move out. And no, the money gotten from the sale doesn’t go to you, it goes to your lender to settle the amount you owe in debt on your missed mortgage payments.
What can you do to prevent foreclosure?
If the process involved in Peoria, AZ foreclosures have already been initiated on your home, one smart move to make when you sense that your financial situation will lead you into serious financial trouble with a foreclosure in Peoria AZ, and with your credit score is to sell your house for cash. Do not, we repeat, do not allow your home to be foreclosed on before you start thinking about your next right move.
There is help for you
We buy foreclosure homes in Peoria, AZ FSBO and we will pay cash. How does a fast close with no inspection or appraisal contingencies sound?. We give that and more when you sell your house to us.
We buy the house in as-is condition, and we will save you thousands of dollars that would otherwise have been swallowed up in fees and closing costs.