A business with both suppliers and clients faces a unique stet of problems as it manages its balance sheets. However, with the recessionary condition of the market, it is becoming more and more common that your business may be having trouble getting paid from its clients. Of course, the failure of your customers to pay [...]

Are you an Arizona homeowner who has been having trouble with your mortgage payments? Have you suddenly been faced with letters from your lender saying you are in default of your mortgage? If so, without a proper course of action, you may be in danger of losing your home. The following is a sequence of [...]

Are you a homeowner who is having trouble making your mortgage payments? Would you like to avoid foreclosure and stay in your home? If so, loan modification is a viable solution that should be explored. This process is the renegotiation of your mortgage loan in order to change the terms of your loan and enable [...]

If a property owner does not qualify for the anti-deficiency laws under Arizona statutes, a deficiency judgment against the owner can sometimes be avoided by deeding the property back to the lender prior to foreclosure. This is known as a deed-in-lieu of foreclosure, and the homeowner is giving the property back to the lender in [...]

Homeowners who choose short sales as alternatives to foreclosure often wonder if they will be held responsible for the difference between the amount their house sold for and the amount owed on the mortgage. In most cases, the Arizona Anti-Deficiency Statute will protect homeowners from having to financially answer for the deficiency between the selling [...]

When a homeowner defaults on their mortgage, the lender will generally begin the foreclosure process to “repossess and sell” the house with the expectation (or hope) that it can turn around and sell the home to pay off the mortgage that has not been paid by homeowner.  This amount will generally include the amount of [...]

Many homeowners are wondering whether a short sale is the right course of action for them in today’s market. This is the third article in a series of posts regarding Arizona foreclosure from the Pak & Moring law firm.

When homeowners begin defaulting on their mortgages, they risk foreclosure of their property by the lender. An alternative to a lengthy and stressful foreclosure process is a short sale, or the opportunity for a homeowner to sell their house for less money than he or she actually owes on the mortgage. The lender takes a [...]

In these market conditions, homeowners are faced with a multitude of options when it comes to the mortgage and foreclosure process. This is the second article in a series of posts on the Pak & Moring website dedicated to educating the public on real estate law topics beginning with the Arizona foreclosure process. Trustee Sale The non-judicial and [...]

When you are no longer able to make payments on your home, your lender make take steps to take back the house as a way of recouping their loan. This is generally known as a foreclosure. There are different types of foreclosures, and each one will have a different impact on you, the homeowner. If [...]