In the State of Arizona, foreclosure is a multi-step process where your lender is using the power of sale clause in your deed of trust (mortgage) to take legal title of your property, then sell (or repossess) your home to settle the outstanding debt with your lender. The foreclosure process starts when your lender files a Notice of Trustee's Sale with the County Recorder's office (that's where I found your name and address.) Then, your lender must give you 90 days (starting from the date the "Notice of Trustee's Sale" is filed with the county recorder's office) to either pay off your debt completely, or bring the loan current by making up all of the back payments, PLUS any related fees/attorney costs. Your "payoff balance" is the principal amount of the loan, PLUS interest accrued, PLUS attorney fees/filing costs. If you can't, or don't, pay off your debt (or come to some kind of payment arraingment) within the 90 day window given to you by Arizona law, your lender has the right to sell your house, at a public auction, to the highest bidder. Typically, your lender will set the starting bid at your loan balance. If no one bids more than that amount (and no one usually does,) then your lender will repossess your house and keep it as an REO (Real Estate Owned by the lender). During this time, you must move out of your home, or face the possibility of being evicted from the house. The end result is you lose your home, you won't receive any money or compensation from your lender (in most cases), and your personal credit rating will be destroyed. There may also be, serious tax consequences for what the IRS calls "forgiven debt".

WHAT YOU CAN DO TO STOP THIS FROM HAPPENING:

In most cases, your best move is to try to complete a "short sale". A "short sale" is where you sell your house to a buyer for LESS THAN WHAT YOU OWE to your lender. You MUST obtain your lender's permission to do this, and your lender DOES NOT have to agree to any amount less than what they're owed. You must convince the lender that the "short sale" price is the best price that can be obtained right now; and that it is in the lender's best interest to settle your debt, rather than foreclosing and repossessing your house. Your lender must believe that this "short sale" offer is genuine (not a stalling tactic) and that your buyer will close on this offer, if your lender approves it. Remember, your lender is only interested in what's best for THEM, not you! Your lender doesn't care about what happens to you - if they did, they wouldn't have foreclosed on you in the first place. If you are successful in persuading the lender, you can sell the house to anyone one you want, for ANY PRICE the lender will accept as a payoff - whether or not foreclosure (or even bankruptcy or divorce) has been filed. You MUST HAVE a serious buyer who can close the sale quickly, or you will not be able to convince your lender to settle.

HOW CAN I HELP YOU?

I will handle all of the negotiations/paperwork required to convince your lender to settle. I WILL NOT charge you any fees for my time and services; and I will pay for any repair costs needed on the house, pay all of the back taxes, liens, or judgments, that may be attached to your house (conditions apply). Simply put, you pack your personal belongings, move out, and the leave this headache behind you. I will buy your house "subject to" the existing financing, take all the time necessary to convince your lender to settle, and take my chances with your lender. However, there are three (3) conditions that I need to disclose to you, if you decided to pursue a "short sale" with me:

• No promises/no guarantees of success - I can't, and won't, promise you any particular outcome or result.
• No money for you - all the money goes to your lender (bank) to settle your debt.
• I buy the house "subject to" the existing mortgage(s) - that means, once you sign the paperwork, you no longer own the house AND the loan will remain in your name, until I pay it off, OR the bank repossesses the house.
  

This overview is intended to provide general information regarding the foreclosure process in the State of Arizona, and it is NOT to be taken as legal advise. If you need legal advise, please consult with a competent attorney.