Foreclosure Lawyer Phoenix, AZ
Our foreclosure lawyer Phoenix, AZ relies on knows that your home is likely your most valuable asset – both financially and sentimentally. If you are at risk of foreclosure, you are undoubtedly scared and confused about what to do to save your home. Can you stop foreclosure? What happens if your mortgage lender isn’t willing to work with you to get caught up on payments? These are legitimate questions, and you deserve to have detailed answers to both of them. In addition to any additional questions, you may have about your legal situation right now. Know that you can work with a foreclosure lawyer Phoenix, AZ residents trust to get answers to every question running through your mind. The experienced team at Kamper & Estrada, PLLC is here to help you weather this incredibly challenging time.
There are some strategies you can use to fight foreclosure or delay it, giving you time to work out a plan to get current on mortgage payments and keep your home. No matter which path you choose, please consider working with an experienced Phoenix, Arizona foreclosure lawyer from our firm who can explain all your legal options and serve as a passionate advocate for you and your family.
Legal Defenses to Foreclosure
Some of the only effective ways to stop foreclosure action altogether involve demonstrating that the mortgage servicer made a serious mistake, broke the law, or failed to follow state foreclosure procedures. The Great Recession and housing crisis of 2008 showed us that major servicers with nationwide operations could make huge mistakes and run roughshod over homeowners who are making good faith efforts to pay their mortgages. A Phoenix, AZ foreclosure lawyer can help you determine whether your lender is taking advantage of you somehow.
Examples of mistakes and/or prohibited actions include:
- Crediting your mortgage payments to the wrong party
- Misstating how much money you must pay to reinstate your mortgage after becoming delinquent
- Allowing you to participate in a foreclosure avoidance option (such as loan modification) while simultaneously pursuing foreclosure against you (a practice known as dual-tracking)
- Failing to send you a letter notifying you that you were in default and therefore subject to foreclosure
- The servicer violated state/federal law or deviated from mandated procedures in consequential ways
Pausing and Stopping Foreclosure Through Bankruptcy
Our foreclosure lawyer in Phoenix, Arizona shares that if you are struggling with serious debt and are considering bankruptcy, you should know that this process could help you avoid foreclosure. When you file bankruptcy, the court imposes an automatic stay that halts all foreclosure activities (among other things). This is a temporary freeze, but it gives you time to negotiate a more permanent plan.
If filing Chapter 13, you may be able to negotiate a plan to become current on your past-due mortgage payments while continuing to make regular monthly payments going forward. You’ll need to discuss this plan with your Phoenix, Arizona foreclosure law, and the bankruptcy trustee to determine whether it is economically achievable.
Bankruptcy is a major step that will have significant consequences for your finances and your life. Therefore, it should generally not be pursued to avoid foreclosure. However, it can be an option to avoid foreclosure if you are struggling with many other significant debts as well.
You Have Options – Contact Us to Learn More
If you need to stop foreclosure and keep your home, you need to work with an experienced and knowledgeable Phoenix, AZ foreclosure lawyer as soon as possible. You can rely on our team for straightforward answers and an honest assessment of your legal matter. Contact us today to arrange an initial consultation and to explore your options.
Foreclosure Questions Answered by Our Legal Team
If you are facing foreclosure, our Phoenix, Arizona foreclosure lawyer knows that you will be wondering whether you will have the ability to remain in your home. The prospect of losing your home can be scary, which is why you deserve to have our team from Kamper & Estrada, PLLC, in your corner. You will have so many questions, and our Phoenix, AZ foreclosure lawyer can help you answer them and weigh your options:
What is foreclosure?
When you purchase a home, you sign a contract with your lender agreeing to uphold the terms of your mortgage document. If you fall behind on your mortgage, you could be in default. Foreclosure is a legal process that lenders may take to recover the amount that is owed. If your home is in foreclosure, you will want to contact our Phoenix, AZ foreclosure lawyer for insight regarding how best to move forward.
How long does it take for the bank to foreclose on a home?
In the state of Arizona, foreclosure often takes about 120 days. However, be aware that this can vary based on your specific situation. Arizona is one of the few states that observes a non-judicial process for foreclosures, meaning court action is not always necessary unless the borrower seeks delays such as bankruptcy.
Can filing for bankruptcy help me keep my home?
This depends. Our foreclosure lawyer in Phoenix, AZ, shares that Chapter 13 may be the best way to retain as many of your assets as possible, including your home. Chapter 13 is a reorganization that allows you to repay your debts over 3-5 years. You will also want to be aware of the exemptions for assets and property in your state. When filing for Chapter 7, anything above your exemptions will be liquidated to pay off unsecured debts. It’s also essential that you are current on your house payments and that you can continue making them. Our foreclosure lawyer in Phoenix, AZ shares that if your home is facing foreclosure, Chapter 13 may give you the ability to catch up through your repayment plan and keep your home.
What is the difference between a loan modification and filing for bankruptcy?
Our foreclosure lawyer serving Phoenix, Arizona, can assist you in determining whether a loan modification or bankruptcy filing is right for you. Loan modifications can be beneficial in that you can apply to have their mortgage payments reduced. This can reduce interest rates and even tack past due payments onto the loan. While both loan modification and bankruptcy can stop the foreclosure process. There are a few key differences. The foreclosure of your home can be stopped with the guidance of our Phoenix, AZ foreclosure lawyer, while you develop a repayment plan through Chapter 13.
What if I default on my mortgage payments after Chapter 13 is ended?
Through your Chapter 13 filing, past mortgage payments can be included within your repayment plan. While you are engaged in Chapter 13, your mortgage lender cannot foreclose on your home. However, once your case is closed, it will be vital that you keep up on the obligation to make your mortgage payments to prevent facing foreclosure in the future.
Foreclosure and Your Credit Score
When you are scared of losing your home to foreclosure, we understand that you will want to know what could happen to you after your home is foreclosed on. What does that mean for your credit or your ability to buy a house in the future? Our foreclosure lawyer in Arizona understands the overwhelming stress that comes with the potential of foreclosure. If you would like to learn more about what could happen after a foreclosure, please give our office a call. We believe that clients should always prepare by arming themselves with as much information as possible. Just because there is a threat of foreclosure does not mean that it is inevitable. Reach out to our office now.
How does a foreclosure impact your credit?
Most people understand that credit is one of the most important things in terms of finances because having a good credit score can help you secure a loan if you need one and can help you buy a house. However, if your home is foreclosed on, what does that means for your credit? You may be surprised to learn that there are various factors that go into influencing how a foreclosure (or a short sale) will affect your credit. Some factors are:
- How much debt you are in
- How many mortgage payments you have missed
- What your credit history is
After a foreclosure, you can expect a serious drop in your credit score, usually by a couple of hundred points.
What if I otherwise have good credit and the foreclosure is the first misstep I have had?
Your mortgage lender may choose to make a report on the fact that you have not paid your mortgage if it is 30 days or more late. Once this happens, your credit can be negatively affected, even before foreclosure.
Typically, if you have been able to make your other credit payments and the foreclosure is the first big negative impact you have on your credit, it may mean that you are able to financially bounce back quicker and rebuild your credit at a faster pace. Expect the process of rebuilding your credit to take a few years, but know that patience can pay off. That said, if your credit score drops extremely low, you will have a harder time get any kind of credit and your interest rates may be exorbitantly high. When this is the case, it can be even harder to get out of that financial hole.
Get Help Now!
Kamper & Estrada, PLLC can assist you when you need them most. Our legal team has decades of experience that they can apply to your case. You deserve a legal professional who is prepared to make your case the priority. Let us help you weigh your options. Contact our Phoenix, AZ foreclosure lawyer today, so that we can begin putting your needs first.