In Arizona, mortgage foreclosure statistics show that homeowners in the state are close to national averages. According to RealtyTrac, which tracks housing statistics, one in every 1591 houses in Arizona is involved in mortgage foreclosure.
While nobody wants to see other people dealing with troubles, knowing that you are not the only one facing mortgage foreclosure is helpful in feeling less alone. Understanding what causes a mortgage foreclosure, and what mortgage foreclosure defense strategies might work for you, is also helpful in avoiding this situation or getting out of it neatly.
What Causes a Mortgage Foreclosure?
Simply put, if you are unable to make payments on your mortgage, you risk foreclosure. People often get into this situation when they are facing life issues, like a death, illness, or job loss. Many homeowners are carrying payments for houses they can barely afford, and if one thing goes wrong, it is easy to spiral down into mortgage foreclosure.
It is important to work with an attorney whenever you find yourself in financial trouble, whether you are worried about a mortgage foreclosure or a voluntary vehicle repossession, or something else that could impact your long term financial health. Attorneys are experienced in these matters and, even if they cannot stop the voluntary vehicle repossession or mortgage foreclosure from happening, they can protect your rights and ensure that you are getting the fairest, most equitable results possible.
Know that you are not the only one who is going through this situation, given that it is so common in Arizona, the United States, and the entire world. A simple search for mortgage foreclosure statistics will tell you that there are many people out there worrying about how to keep their houses.
If you are facing a mortgage foreclosure, it is important to speak to a bankruptcy attorney immediately. A Chapter 13 bankruptcy can greatly increase the odds of stopping a foreclosure and allowing you to keep your home, especially in the situation where there was a temporary decrease in income and you are now able to make the regular mortgage payment but cannot catch-up on missed payments.
Talk to your lawyer and get a good understanding of what causes mortgage foreclosure, how you can avoid it, and what to do if it is an inevitable process. Experienced legal help will go a long way in helping you now and in the future.
This blog is intended as a general discussion of legal issues and not as a statement of fact, legal advice or a legal opinion. No attorney-client relationship is created by this blog. Do not act or rely upon law-related information in this communication without seeking the advice of an attorney licensed to practice in the relevant area.