Many people in Arizona are considering a strategic default and are wondering “what exactly happens in the foreclosure process?”
Kevin Hardin from Thomson Law did a nice job of laying out exactly what happens in the foreclosure process in Arizona.
Arizona foreclosure law is very clear: a lender must send you a breach and default letter saying you have 30 days to pay this mortgage up or we reserve the right to foreclose. The lender can’t give you the letter until you are at least 60 days into default.
When that letter comes, you know that you have a minimum of 5 months.
Every home is a non-judicial foreclosure within residential real estate.
No one is going to show up at 3am, knock on your door and say “get out”.
Even after the home has been sold, you have rights of occupancy in the home until they actually evict you.
When you make the good decision to leave your home, you have rights and obligations.
If you are facing yourself in a situation where you owe more than your home is worth, are considering strategic default or short sale, be sure to speak with the experts at Thomson Law.
Thomson Law PLC
2701 East Camelback Road, Suite 150
Phoenix, Arizona 85016