Arizona Foreclosure & Loan Modification Assistance


Are you behind in mortgage payments and facing foreclosure? Economic changes can greatly affect a homeowners ability to meet monthly obligations, including the mortgage payment. If you have experienced a job loss, or a decrease in income, and find yourself in a situation where you are behind on payments and facing foreclosure, the real estate attorneys at Bellah Perez can assist you.

There are several options that are available to help people through these tough financial times:

  • Loan Modification – You may be able to modify your home loan to take care of your arrears and reduce your monthly payment. Our knowledgeable attorneys can help you negotiate with your mortgage
    company and assist you in completing the necessary modification paperwork.
  • Short Sale – A short sale is a process in which you sell your home and your mortgage company agrees to accept an amount that may be less than your loan balance while writing off any remaining amount owed. A short sale should be carefully negotiated to make sure that you do not come out of the transaction with liability for any mortgage deficiency, especially if you also have a second mortgage on your home.
  • Deed in Lieu of Foreclosure – With a deed in lieu of foreclosure, your property is essentially deeded back to the mortgage company. Any indebtedness on the property is forgiven by the mortgage company.

What if Your Property Has Already Been Foreclosed?

If you were not able to save your property from foreclosure, there are some things you should be aware of.  Arizona has an anti-deficiency statute that will generally provides a homeowner protection from liability for a mortgage deficiency balance when a home goes to foreclosure. There are limits on the statute, particularly in regards to second mortgages or home equity lines of credit. If you find yourself in a situation where you are liable for a deficiency balance on your second mortgage, our real estate attorneys can assist you in negotiating with your mortgage company to reduce your liability.

Making Informed Decisions

Each of these options carries its own issues to be weary of, such as credit impact and tax consequences. Our experienced and knowledgeable real estate attorneys are available to discuss these issues and help you make informed decisions concerning your real property.

Set up a consultation with one of our experienced real estate attorneys today. Contact Bellah Perez, PLLC at 602-252-9937.