Prevention of an Arizona foreclosure can be done, but it will take persistence coupled with the cooperation of your mortgage loan company.

The delinquency or default period can begin as soon as in one day that your mortgage payment is late. Because most home owners in Arizona have a trust deed, there is no need for the mortgage lender to go to court. They simply need to appoint a trustee.

Of course, if the lender wants to work with the home owner to assist in the delay of the foreclosure or to actually help stop it, there are a few options that the home owner can choose from to fix the matter.

The first choice is for the home owner to be able to pay the delinquent amount in installments, perhaps up to six months, but generally not longer than twelve months.

Loan modification is your next choice. With this choice you would be able to re-amortize the balance of the mortgage loan. You would need to decide if this would be the best option for you.

Refinancing may be the answer. In this case the type of refinancing that would be done is where the delinquent amount of the loan is wrapped into the refinance. A second mortgage might be another option, as well as a line of credit. Then there is always the option of selling to house to make good on the loan.

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A foreclosure can happen quickly, if the lender does not wish to work with the home owner. And the mortgage company will legally obtain the ownership of the house. The home owner will no longer have any rights to the home in question, and he will be evicted.

Normally, the default period is from one to one hundred twenty days. This all depends on each individual circumstance. Then a Notice of Sale is filed. This will include the date and time that the sale is set, and it is filed with the Recorders Office. At that time it is determined that there will be a minimum of ninety days before the sale actually takes place.

Then the property owner is offered as a last resort a reinstatement loan. This would be to bring the loan up to date and current and to actually stop the foreclosure proceeding. If this takes place, the home owner will need to pay all late fees and the lenders fees, along with the outstanding mortgage payments. Sometimes a payment plan may be worked out. This is called a forbearance agreement. This can be determined within one day.

Then comes the Trustee Sale, wherein the highest bidder wins the property. The highest bidder may even be the mortgage company that took it away from the home owner. The proceeds are used to pay off the debt. The primary lien against the home to be paid off is the trust deed. When the transfer is made, the Arizona foreclosure is done, and all rights to the delinquent home owner are gone.

You can take the first steps to get a budget-friendly dream home today! Get all the information you need to get an Arizona foreclosure fast and easy! Looking at the Az foreclosures available will give you the opportunity to find your home fast!