Hello, I just went into foreclosure today and wondering what my options are. I am very upset and fed up with

Asked by Amanda, Phoenix, AZ Fri Nov 16, 2007

my mortgage company and would love to just walk away and let the house go. After doing a little research, see that is not the best scenario. What options do I have? Thank you. Amanda

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Ruthless, , 60558
Fri Nov 16, 2007
Keep trying. I am so proud of you for doing a little research to find out that walking away is NOT a good scenario. Your response was NOT long either. There are so many things that you could tell us to help discover a possible solution for you.

You said your boss messed up payroll. That's good, that means you are employed. How is your credit? Do you know your score? You said they set up a plan with you before, again, that's good. You said that you haven't called the lawyer yet. Again, I'm proud of you because you do HAVE a lawyer, at least I think. Was it YOUR lawyer or THEIR lawyer that you hadn't called yet?

Next, do you know what your home is currently worth? How long have you lived there? How old is your mortgage? Do you have a first and a second mortgage? Why/how did you get 4 months behind? Did you have an adjustable mortgage that caused an increase in payments that you can't afford?

Finally, start interviewing Realtors, call YOUR attorney, call a not-for-profit foreclosure counseling center, and call your mortgage company again and ask for a supervisor and keep going up the ladder. DON'T give up. So many people are too afraid to face this that they don't even take the steps that you have already taken. I'm proud of you.

I posted this psychological question:
and then a few days later, I discovered this persons post regarding her situation after she "chose to let the home go." She says, "We are basically starting fresh and we are running into some problems with trying to rent a place to live because of our credit problems. I am very discouraged about what we are going to do." There are some suggestions, so please read her post:

In the reference is HUD foreclosure information for AZ.
Good luck,
3 votes
Brad Bergami…, Agent, Prescott, AZ
Fri Nov 16, 2007
I have to agree with Patrick on this one. I usually would say find a good Realtor, but as mentioned short sales have a very low closing rate. Also, you probably are loosing equity in your home by the day with all of the fees. Adding a broker fee will probably not help. See a Bankruptcy attorney quick, you have some rights but you need to assert them quickly.
Web Reference:  http://bradbergamini.com
2 votes
Mr.P, , Arizona
Fri Nov 16, 2007
Sorry to hear of your unfortunate situation.
Options are;
1. Short Sale, Probability of success less than 20%
2. Your situation may allow relief from FHA Secure, Probability of success less than 20%
3. Visit a Bankruptcy Attorney.
4. Remain positive it could always be worse.
2 votes
Amanda, Home Seller, Phoenix, AZ
Fri Nov 16, 2007
Thank you everyone. Tomaara, to answer your question, the situation is not pretty overall. I went into foreclosure in March, behind 4 payments. The day I went in they set up a payment plan with me. I'm supposed to pay every month on the 14th. I called my mortgage company yesterday to notify them the check was posted yesterday (15th) as my boss messed up on our payroll and did not get my direct deposit. This morning I called them again for more clarification at which time I was told I was in foreclosure as of today and to "wait". Thats the advice they gave me and told me my check will be mailed back to me. I haven't called the lawyer yet to find out the date and no record has been documented on the maricopa website yet. Long answer sorry!
1 vote
Annette Law…, Agent, Palm Harbor, FL
Fri Mar 21, 2014
This question posted in Nov 2007.
Amanda has solved this problems by now.

Best of success in your real estate choices
Annette Lawrence, Broker/Associate
Remax Realtec Group
Palm Harbor, FL
0 votes
Isabella Joh…, Agent, Phoenix, AZ
Thu Feb 20, 2014
I have a lender that can assist you in this process and possibly allow you to stay in your home. Please contact me for more information and best of luck to you in this stressful time.
0 votes
webuyphoenix…, Home Buyer, Phoenix, AZ
Thu Feb 20, 2014

This may be a bit dated, but we also have options available. We can also offer you cash, and even put cash in your pocket. Another great option may be to take over your house loan payments. This is a great option for those who fall behind on mortgage payments. Feel free to call me at 602-845-9620. Our website is http://www.webuyphoenixmetro.com

0 votes
Investor X, , Gilbert, AZ
Mon Aug 8, 2011
Stay in the house and don't pay a mortgage. Bank your cash. More than likely you can stay there for 12 months.

I personally know a family living mortgage free 2.5 years and counting in Chandler, AZ. They do a loan mod every 6 months to stall eviction process. Their mortgage was $1,740. They totaled $51,000K savings so far. So this should make you think a little before packing your bags. You got to be smart and play their game.

I guess it's pay back time. Banks got their bailout. Now it's the public's time for their share.

Investor Mike
Gilbert, AZ
0 votes
Jamar James, Home Seller, Phoenix, AZ
Fri Apr 4, 2008
I say Contact the Arizona Short Sale Office, the company specialize in helping homeowners stay in there home by working with the lenders to accept a lower amount for your monthly payment. There success rate is amazing for short sales, however there main focus is to work out a win-win situation with the lender on behalf of the homeowner. http://www.ArizonaShortSaleOffice.com. (I also work for the Arizona Short Sale Office, so I definetly want you to get the right help.) Beware of any companies that require you to sign over a warranty deed, brings a notary to your house, comes to your house to meet you, or does not have an office to meet you. Just a few foreclosure tips, its critical you get help from a company that has happy previous clients.
When your in foreclosure you want to get help from individuals who are actively working on similiar cases.
0 votes
SellQuickFor…, Both Buyer And Seller, 85249
Mon Mar 10, 2008

You have many options...some you were probably not aware of!

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0 votes
Ulises Romo, , Phoenix, AZ
Sat Dec 8, 2007
That's awful. but I feel you may want to speak with your mortgage company and ask if they wouldn't mind a short sale, and save themselves some money if they foreclose. It is a long shot but you may wan to see if that might be possible just to see if they would accept.

Foreclosure is a long and expensive process that many lenders do not want to go through. Besides if they do foreclose, they have to try to sell your home, and pay electricity, water, etc.. to sell it. And they do not want that either. Try and talk to the Loss Mitigation Department and see what happens. A REALTOR® could do this all for you too.

Ulises Romo, REALTOR®
PRO-formance Realty Concepts
0 votes
Brian Burke, Agent, Highlands Ranch, CO
Fri Nov 16, 2007
Find a good Realtor in your area and see if you can do a Short Sale.
Web Reference:  http://www.kennaandco.com
0 votes
Tomaara Rand…, , Phoenix, AZ
Fri Nov 16, 2007
Hello Amanda,
I am sorry that you are going through this difficult time. Let's see what options you have:
Just a few questions to see where you are at:
1)Have you been notified of a date for a Trustee Sale yet?
2)How many payments are you behind?
0 votes
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