Scan over the just under 10,000 foreclosed properties that are available on zillow.com. These are just the foreclosures posted on this particular website. There are likely upwards of 50 to 60,000 foreclosed homes in the entire state of Arizona at any given time. This is not a unique problem. This is not something only a few are going through. It is an economic epidemic- a situation that many families have been trapped in because of shoddy lending and poor management of the economy in the state. Fortunately, there’s a silver lining. The situation is so common in fact that there is an extraordinary amount of data to sift through to find out how to work with an attorney in order to get foreclosure in Casa Grande, AZ handled properly.
Arizona is peculiar when it comes to foreclosures. The state has labeled foreclosure in Casa Grande, AZ status nonjudicial. This basically means that there is no pre-mandated court processing needed. This is because a lot of families get in over their heads working directly with the creditor or mortgage lender to handle the situation. Obviously, these entities have their own interests in mind. They may be less willing to work with a lender in a reasonable capacity.
The reason they are pushing for this method is to attain a deficiency judgment. This is the amount owed after the property closes. It is the difference between the sale price and the amount owed on the mortgage. Creditors will pursue clients to get that amount, and they will do so by garnishing wages and potentially suing. This is where things get tricky. A creditor can do a whole lot without necessarily going to the courts in a direct manner. This leaves the client vulnerable to being exploited. This is the time where an attorney is absolutely necessary. If there’s any sense that the lender is going to pursue damages and repayments, the clients must protect themselves accordingly.
It is possible for creditors to actually pull money directly from a bank account. They do have to gain legal authority, but they can file a separate document within 90 days of the property attaining foreclosure. This document will be swiftly moved through processing and applied. It can leave a borrower confused, disoriented, and taken advantage of. Browse the site of Asheton B. Call for more on navigating foreclosure.
