Foreclosure

questions & answers

Question: Currently my home is not in foreclosure. I am behind in payments and the bank will not allow me to make partials. They are willing to reinstate the loan but I am unable to raise the 6 payments required. I have received default and letters of intent to accelerate. The bank is recommending a short sale. I want to work this out and I have saved 3 payments and I wish to stay in the home. We received a modification in 2012 and a special forbearance in 2013 I am back to work after being laid off in September and emergency surgery in December. Do I claim bankruptcy in order to save my home?

Answer:

The following is for informational purposes only.

If payments cannot made to bring the account current, there are legal resources that may be able to help. As for filing bankruptcy, that will provide an automatic stay in foreclosure proceedings however there are other issues with bankruptcy that should be discussed with an attorney.  Homeowners at risk of foreclosure should contact legal aid as soon as possible.  There is a drop down menu on the right side of AZLawHelp to find the legal aid agency in your county, or you may apply online for free or reduced fee legal services including (including legal aid) by using the Access To Justice Online Intake System on AZLawHelp.   Additional information and help pertaining to foreclosures can be found here. http://www.azlawhelp.org/foreclosurehelp.cfm

Scam Alert:  Beware of groups or individuals claiming to negotiate lower mortgage payments by directing payments to them instead, this is a red flag for a scam. 

QUESTIONS

  • Currently my home is not in foreclosure. I am behind in payments and the bank will not allow me to make partials. They are willing to reinstate the loan but I am unable to raise the 6 payments required. I have received default and letters of intent to accelerate. The bank is recommending a short sale. I want to work this out and I have saved 3 payments and I wish to stay in the home. We received a modification in 2012 and a special forbearance in 2013 I am back to work after being laid off in September and emergency surgery in December. Do I claim bankruptcy in order to save my home?

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