For many homeowners, receiving a notice of foreclosure in Glendale, AZ can be a very traumatic experience; however, there are steps the homeowner can take in such a situation. Readers can browse our site for some tips to remember in the event of a foreclosure notification.
• The homeowner doesn’t have to leave the home right away – When a bank sends a foreclosure notice, the homeowner doesn’t have to vacate the premises immediately. As a matter of fact, they should remain in the home and start saving money for when they do actually have to move.
• It may be several months until the foreclosure takes place – A foreclosure can take from thirty days to three months, depending on location and state law. During the process, the homeowner can stay.
• It may be possible to stop a foreclosure – In most cases, a lawyer can help a homeowner stop the process at any time. Referred to as a right of redemption, the homeowner has the legal right to pay the missing payments and halt the foreclosure.
• Call the lender ASAP – It’s not in the lender’s best interest to foreclose, and most will work with borrowers to find other options. By talking to the lender early on, the homeowner may be able to find a workable solution.
• A response may be legally required – Many foreclosures are judicial, which means that legal documents are sent to the borrower’s home. These papers shouldn’t be ignored, and the law may require a response within a given time.
• A short sale may help – Short sales occur when the homeowner finds a willing buyer, but the buyer wants to pay less than what is owed on the mortgage. Some lenders may agree to take those proceeds as satisfaction of the debt, because it’s usually better than a foreclosure at Glendale, AZ.
While in the foreclosure process, Asheton B Call may advise their clients to start looking for alternate living arrangements. It might be harder to find a place because most landlords check renters’ credit, which is severely damaged by foreclosure. The borrower may need to put down a substantial security deposit to rent a home or apartment, but it’s best to find this out early on so the borrower can save enough money while they’re still in their current home.
