Arizona is facing unprecedented home foreclosures. We understand the pain, embarrassment and anxiety that homeowners feel when faced with the loss of their homes because they were unable to make their mortgage payments. Statistics may tell the larger story, but individuals facing foreclosure seldom care about statistics. Rather, they need practical help. The good news is that you are not alone, and there are many options available to minimize or eliminate the pain experienced when your home is "underwater" â€” worth less than what is owed.
At Gabroy, Rollman & Bossé, P.C., our real estate lawyers represent clients facing foreclosure, most often through a Notice of Trustee Sale. Because each lender uses different procedures when seizing a home because of non-payment, it is essential to contact an attorney as soon as possible if you think your lender is going to foreclose or if you have received any notifications or other correspondence. Depending on your individual situation, it may be in your interest to consider a "strategic default" instead of continuing to throw good money after bad when your home is worth significantly less than the debt. The amount of time you have to respond varies depending on numerous factors: the amount in arrears, the number of missed payments, the type of loan, the value of the property and other issues that can affect how your lender proceeds with the foreclosure action.
Options When Facing Foreclosure
Our Arizona real estate attorneys will evaluate your situation to determine which is best for your circumstances. We have helped clients avoid foreclosure by:
- Stopping or delaying the trustee's sale. There may be defects in the process leading to your trustee's sale, which may give you grounds to prevent or delay the sale.
- Modifying your loan. We may be able to help you modify the terms of the mortgage so you can continue to make payments. There are several programs available that are often required by Federal Law (HAMP, HAFA) and offered by your particular lender.
- Selling your home in a short sale. You may be able to sell your house for less than your outstanding loan and satisfy the lender. Our attorneys will advise you about this process; it is not advantageous in all cases and may subject you to additional tax liability.
- Deed in lieu of foreclosure. If appropriate for your circumstances, we may be able to assist you in negotiating a deed in lieu of the foreclosure, which may include a cash payment to you.
- Filing bankruptcy. There are several options in bankruptcy that may allow homeowners to keep their property. We regularly refer our clients to bankruptcy attorneys who can advise them about eligibility for bankruptcy in conjunction with the non-bankruptcy options we will explore with them.
Our attorneys explore these and other options to arrive at a solution to your financial problems.
Contact Our Tucson Foreclosure Lawyers
Contact our law office today to learn how GRB can help you save your home or avoid a foreclosure action.
Ronald M. Lehman, Esq.
Contact Us Today
Gabroy, Rollman, & Bossé, PC
3507 North Campbell, Suite 111
Tucson, Arizona 85719
Office: (520) 829-9645
Facsimile: (520) 320-0717