How does all the foreclosure news in the media affect those of us in Arizona?  It really doesn’t.

Two terms you will need to know when deciding if this affects you as an Arizona homeowner:  Judicial foreclosure, Trustee Sale foreclosure.

Arizona uses a Trustee Sale for their method of the foreclosure process.  When a property is auctioned off, it’s done through trustee sale.  The majority of the foreclosure buzz over the past few weeks all has to do with the judicial foreclosure process.  A few major lenders have halted their foreclosure process in order to get their systems in place for the states in which judicial foreclosures take place.  Again, Arizona is not one of those states.

If you or someone you know was in the midst of the foreclosure process, and is intently listening to all the media buzz surrounding the postponements of these auctions, you or they are not out of the clear.  If you need legal assistance regarding the decision and the direction you are taking your property situation, feel free to contact us.  We have access to tax and legal experts that can assist you with a decision.

Having access to a trusted legal expert that can guide you through the foreclosure process is extremely important.  There are some homeowners suffering through this situation that lean on the media and other peers for advice.  The majority of the time, wrong information, or information that is not applicable, is given to the listener.

Another item of discussion to get clarification on is the settlement of the debt and any taxable events that occur from the settlement of the debt, whether it happens through a short sale approval letter OR the foreclosure process.  Since there are so many variables that need to be considered when this “event” actually happens, it’s EXTREMELY important that you seek advice for your SPECIFIC situation.  Blanket advice is not always pertinent.  We have access to experts we know you’d like to speak to for assistance.

Who are you listening to?