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Posted by: Maricopa Lawyers on Apr 14, 2014

Foreclosure

Every home owner across the country dreads foreclosure. Being kicked out of your own home is a nightmare that no one wants to live through. in 2009 alone, a record high 2.8 million homes were given foreclosure notices.  Below you will find three important things you need to know if facing foreclosure.

 

Foreclosure is not immediate, it’s a process

The term “foreclosure” is sometimes treated as a single act when in fact it’s actually a process of events that happen over a period of time. In Arizona, it can take anywhere from one day to a year after a late payment to receive a a notice of foreclosure. After that, a minimum of 90 days will pass between receiving a notice of foreclosure and the last opportunity for someone to make a payment.

Foreclosure will affect your credit score

In most cases, foreclosure causes a credit score to drop anywhere from 200 to 300 points, turning a good or decent credit score into a terrible one. There is good news, however. If you have a good credit history prior to foreclosure, the damage to your credit score may only be a temporary. Continuing to pay bills on time, paying off credit card debt, and paying off past due accounts are all positive actions to help turn your credit score around.

Not all is lost

One of the most important things to remember when dealing with foreclosure is that not all is lost. There are many ways to stop the process of foreclosure or even bounce back after your house has already been foreclosed on. Talking to an attorney as soon as possible is the first and most important action you can take!