What Options Do Consumers Have to Avoid Foreclosure in Chandler, AZ?

Arizona consumers must act quickly when facing foreclosure. They have a limited window of time to take any action before their lender seizes their property. Among the opportunities to prevent foreclosure in Chandler, AZ is bankruptcy, modification or refinancing. An attorney could help consumers with these strategies.

Filing a Bankruptcy Claim

To file for bankruptcy, the consumer must have the court costs and attorney fees upfront in most cases. They must attend credit counseling courses before they file a claim and provide a complete list of their accounts in which they wish to include in the claim.

An attorney reviews these debts and determines if they are eligible for their chosen chapter of bankruptcy. Once the motion is filed, the consumer receives protection against legal action. The automatic stay that applies to all bankruptcy claims begins after the documentation is filed. It prevents the mortgage lender from continuing any efforts to foreclose on the primary home of the consumer.

Loan Modification Services

A loan modification is available if the original mortgage contains any unfair terms. Consumers who suspect that their mortgage contains any predatory terms should allow an attorney to examine their contract. If the attorney finds any unfair terms, they can file an action that requires the lender to modify the terms of the loan.

The most common terms that are classified as predatory relate to the consumer’s inability to repay the mortgage. This is obvious if the consumer didn’t qualify for the mortgage based on their income to debt ratio. In extreme cases, the attorney may nullify the mortgage completely.

Refinancing the Original Mortgage

Lenders may allow the consumer to refinance the mortgage. This may require legal action to get the process started. An attorney could help the consumer with these efforts.

Arizona consumer must take immediate action if they are facing foreclosure. This process allows their lender to seize their property without question. The lender will sell the property through this process and the consumer is responsible for any outstanding balances after the sale. To avoid this action, the consumer should hire an attorney to stop the foreclosure in Chandler, AZ. Consumers who need immediate actions should browse Site or contact Asheton B Call directly.

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