Arizona Foreclosure Recovery

How to make it through the Arizona foreclosure process and keep your home

By Emmet McMahan

The first step to getting Arizona foreclosure help is to inform your lender when you can't make your payments on time. Lenders do not want your home because they usually end up losing money in the foreclosure recovery process.

Lenders are therefore motivated to try all options in Arizona. Stop foreclosure with strategies such as forbearance, partial claim, payment modification and payment suspension. However, you will have more options if you are only a payment or two behind.

There are three key actions to take in getting Arizona foreclosure advice:

Answer any correspondence that you receive from your lender. These notices will contain important information on the foreclosure recovery process in Arizona and pending legal action.
Raise short-term money to make a missed payment. This may include the sale of a second car or jewelry, or a currently-unemployed household member may be able to get a job.
Avoid foreclosure recovery scams. Many companies that claim to be able to stop your foreclosure will charge you for free information. Others may attempt to obtain the title to your house.

Know how AZ foreclosure law will affect you

Laws on foreclosure vary considerably by state, so you should be familiar with at least a summary of foreclosure laws in Arizona. You should also read your loan documents to know what your lender can do if you can't make your payments.
Try: ForeclosureS.com provides the contact information for the Attorney General’s Office in Arizona and links to specific legislation regarding foreclosure in Arizona.

Learn your Arizona foreclosure rights

There are housing counselors and online resources available to help you understand your options, assist you in organizing your finances and negotiate with your lender if needed to progress in your Arizona foreclosure recovery.
Try: Consumer Credit Counseling Service offers an online tutorial through its CredabilityU website to help you keep your home, as well as many other financial tips. DebtAdvice.org is a service provided by the National Foundation for Credit Counseling and allows you to locate housing counselors based on your zip code and search radius.

Retain one of the many Arizona foreclosure attorneys

You may need one of the many foreclosure lawyers in Arizona to protect your interests, especially if you need to sign documents. If your regular attorney does not handle Arizona foreclosure law, he or she may be able to make a referral.
Try: Rick D. Sherman is a small firm that only practices real estate law with specific experience in foreclosures. Rowley Chapman Barney & Buntrock in Mesa is a full service law firm that includes foreclosures in its practice area.

Watch out for mortgage recovery scams

The Federal Trade Commission warns that there are plenty of bad guys operating in the foreclosure recovery business who will take your money and provide no service. Some warning signs, according to the FTC: advertising terms like "guarantee" and "97% success rate", upfront fees before services and company names or websites designed to make you think you're dealing with a government or nonprofit agency.
Try: Educate yourself about foreclosure recovery scams through the Federal Trade Commission. The FTC recommends you only seek foreclosure help from government sanctioned counseling agencies like the ones recommended by the U.S. Department of Housing and Urban Development or the federal Making Home Affordable program.

Speak with a manager when you contact your mortgage company as part of your Arizona foreclosure recovery process. The front-line operator will normally be interested only obtaining your payments that are past due. Ensure you have your loan number, household expenses and recent pay stubs handy and provide a brief, honest account of your financial circumstances. You will also want to get the direct contact information for the manager to whom you are speaking.