Laws You Need to Know

Arizona Mortgage Laws You Need to Know

When people face the prospect of losing their home, emotions tend to take over and cloud what would otherwise be sound and logical judgments. That is just human nature, and one of the many reasons that if you are facing difficulty with your mortgage payments and simply cannot catch up, you need to make sure that you have a professional working for you.

One of the reasons that foreclosures are so stressful is because they involve several highly complicated laws, rules, regulations and procedures, all of which are littered with technical language that is not always clear to someone without the background and experience necessary to work within these realities towards a solution.

Below is a look at two of the main areas of law that affect many foreclosure situations, but if you are serious about saving your home, contact the lawyers at the Arizona law firm of Phillips & Associates today to schedule an initial consultation.

Arizona Bankruptcy Laws

The word ‘bankruptcy’ has long come with a stigma attached to it. In reality, filing for bankruptcy protection is not a failure, but rather a strategic option for those who need a fresh financial start. Not to mention, filing for bankruptcy protection can wind up saving your home, depending on the facts of your situation.

The reason is that regardless of whether someone would choose to file for protection under Chapter 7 or Chapter 13 of the U.S. Bankruptcy Code, the law allows for certain exemptions to be in place. An exemption is an amount in dollars of real or personal property that cannot be forced to be sold in order to satisfy debts, and Arizona has a specific Homestead Exemption in place for those who file.

Arizona Real Estate Laws

There are several real estate laws and regulations in Arizona that could come into play with any mortgage situation, and which ones would apply to your mortgage will depend on what type of mortgage you agreed to, how it was explained to you and what was provided in the written language of the governing mortgage document.

The point of this analysis is to explain that you need to contact an attorney at Phillips & Associates today to obtain the clarification you need. The firm’s attorneys have a full understanding of Arizona real estate laws and regulations, and will be able to help you find out if your mortgage was a product of predatory lending or if there were failures to disclose information on the part of either your broker or the underwriting financial institution.

Regardless of the specifics, lenders are showing an increasing willingness to negotiate a loan that is in arrears, or behind on payments and in danger of full foreclosure. When this happens, the owners of the mortgage note face the possibility of incurring substantial costs in reacquiring your property, listing it and selling it, most likely at a big loss.

Your Next Step – Contact an Attorney

As you see, the law in Arizona provides not only a lot of information, but several options for you to save your home. Contact the attorneys at Phillips & Associates today to schedule an initial consultation and to get the process of solving this problem started.