Foreclosure Help in Arizona
Arizona, the Grand Canyon State, inspires awe and deep breathes with its beauty. Legally speaking, with regards to foreclosures, this state is mostly a non-judicial foreclosure state, but some cases can be judicial. This means there are alternate ways a lender or bank can go about gaining the property or funds back for a home loan that has gone into default. Let’s take a close look at owning a home in this beautiful state before reviewing Foreclosure Prevention options in Arizona.
With a booming economy and a strong housing market, there are several reasons why owning a home in Arizona makes sense. Ranches and fresh air being the norm in this area of the USA that is highly populated at just over 7 million, but still offers beauty and open space. The population continues to expand with younger families and millennials moving to the state for jobs in technology, healthcare, and finance.
If a homeowner decides to sell their home to avoid foreclosure or try and execute a short sale, the pros of living in Arizona should help speed up the process.
The Cost of Living
There are many factors to consider financially when owning a home, a well thought out budget can prevent unnecessary stress should a homeowner fall into some type of hardship. The median income for homeowners in this beautiful state is just over $50,000.00. The most impoverished area of Arizona is South Tucson, with Guadalupe bringing in the second rank. Arizona ranks 39th for the cost of living as compared to other states within the USA. Homes are a bit pricey, with the average price being close to $250,000.00.
Have a specific question about Avoiding Foreclosure in Arizona? Check out our Foreclosure FAQ’s section.
In Arizona 1 in every 16621 home faces foreclosure, which is pretty good compared against the national average.
Here are 5 counties in Arizona that struggle with foreclosure:
- Greenlee – 1 in every 4445 homes
- Cochise – 1 in every 6065 homes
- Gila – 1 in every 8317 homes
- Santa Cruz – 1 in every 9093 homes
- Pinal – 1 in every 12056
Foreclosure Resources In Arizona
Facing foreclosure or even the potential of foreclosure can be confusing and frustrating for Arizona homeowners. Here are some great local resources that may help homeowners get on track. If you find these resources are not helping or you have questions you can call us directly at 1-877-494-9007.
Save Our Home AZ
Save Our Home AZ (“SOHAZ”) is a program that offers principal reduction assistance, mortgage subsidy assistance for under and unemployed Arizonans, and second lien elimination assistance to qualified Arizona homeowners. The program helps homeowners find solutions to avoiding foreclosure by assisting with mortgage affordability.
Arizona Hardest Hit Fund
The US Treasury administers the Hardest Hit Fund (HHF), which provides aid to the states that were most impacted by the mortgage crisis mainly from 2007 to 2010. These states have local agencies that help homeowners in various ways, including mortgage payment assistance for those who are unemployed, mortgage principal reduction, and transactional assistance. You can find more information at www.azhousing.gov.
Arizona Foreclosure Attorney
Sounds scary, but reaching out to a foreclosure attorney in Arizona may give you some insight into your legal options. An attorney may help you understand your rights as a homeowner and options other programs may not explore. Attorneys generally offer a free consultation, this gives you the chance to get answers to basic questions before paying.
Arizona Bankruptcy Attorney
Filing bankruptcy can protect a home facing foreclosure. But, this does not mean it is true for Arizona or your unique situation. Chapter 7 bankruptcy in Arizona may temporarily stop a foreclosure sale for 45 to 65 days after filing. This can give a homeowner time needed to catch up on mortgage payments and work out a solution with the lender.
Additional Resource To Consider
• The attorney general’s office can also be contacted at https://www.azag.gov for information or if there are complaints against a lender.
• The foreclosure process is time consuming and detailed, check out the HUD website at www.hud.gov for more details and to get help with all your foreclosure-related question.
Coronavirus Mortgage Relief
According to 211arizona.org, there is not a nation-wide option available to assist with mortgage payments. Remember it is always best to contact your lender directly as they may have mortgage relief options available. There may also be other national or federal mortgage relief assistance announced which may not be reflected on this page. If your loan is backed by the federal government there may be temporary relief due to the coronavirus pandemic. These options may include mortgage forbearance, which we discuss in-depth here.
Update: New Executive Order Signed By President Trump Extends Foreclosure Suspension Through August 31st, 2020.
My Administration has taken bold steps to help renters and homeowners have safe and secure places to call home during the COVID-19 crisis. Prior to passage of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) (Public Law 116-136), the Secretary of Housing and Urban Development implemented a foreclosure and eviction moratorium for all single-family mortgages insured by the Federal Housing Administration. Furthermore, prior to passage of the CARES Act, the Federal Housing Finance Agency (FHFA) announced that it had instructed the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation (the Enterprises) to suspend foreclosures for at least 60 days. FHFA has since announced that the Enterprises will extend the foreclosure suspension until at least August 31, 2020.
Locally there has been an effort to help homeowners keep their utilities on should they need assistance during the Coronavirus pandemic. Homeowners can reach out to the local provider by visiting their website below.
- APS – http://www.aps.com
- SRP – http://www.srpnet.com
- TEP – http://www.tep.com
- Southwest Gas – http://www.swgas.com
- Unisource Energy Services – http://www.uesaz.com
- Mesa Gas – http://www.mesaaz.gov
- Phoenix Water – http://www.phoenix.gov
- Mesa Water – http://www.mesaaz.gov
- Scottsdale Water – http://www.scottsdaleaz.gov