What Is A Foreclosure And How Does A Tucson Foreclosure Take Place?
If a homeowner should happen to become delinquent on their mortgage payment for 3 consecutive months, a Notice of Trustee Sale or Notice of Default is issued by their mortgage company. The home is then considered to be in “pre-foreclosure” after these documents have been issued by the mortgagor.
The property continues under this “pre - foreclosure” status until one or more of several things happen. The owner may bring the mortgage payments up to date, they may get approved to modify their loan with their lender, the home may be sold in a “short sale, ” which is selling the home for less than what the owner owes, or the home may be sold by the bank through a Trustee Sale Auction.
You can think of the Trustee Sale Auction as the event transitions the home from “pre-foreclosure” status to being actually in full foreclosure. The Trustee Sale Auction is only in operation in Arizona and 12 other states. A Trustee Sale can also be referred to as a “non-judicial procedure.” On the other hand, a “judicial foreclosure” is another kind of foreclosure proceeding. For the purposes of this article, only the non-judicial type of foreclosure is dealt with.
The Notice of Trustee Sale, as previously described, initiates the pre-foreclosure stage of the process. The Notice of Trustee Sale serves as public notice of the mortgagor’s intention to take possession of the home from the homeowners or to market the home through an auction. If there are other entities that possess some sort of interest in the property, such as contractors, homeowners associations, other mortgagors or county assessors, they too have the right under law to foreclose on the home too.
When the owner has been notified of the Notice of Trustee Sale, they are considered in “pre - foreclosure,” status. The law states that the auction or any sale of the property must be halted for 90 days once the default notice has been issued. This permits the homeowner a window of opportunity to renegotiate their mortgage and modify their loan, become current on their missed mortgage payments, or negotiate a short sale and stop any further foreclosure action.
Homeowners who are faced with foreclosure or pre - foreclosure should seek the advice of a reputable attorney to understand their rights, responsibilities, and the effects of a foreclosure. A Trustee Sale can possibly be put off by filing for bankruptcy, but it is important that you consult an attorney to discuss your options.
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