Pak Law Offices

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 steps in the Arizona non-judicial foreclosure process:

• Day 1: a Notice of Default recorded by your lender. The defaulting property owner has 3 calendar months to cure, or payback the default amount, either by paying off the lien, or by negotiating a payment plan
• Within 10 days: the first Notice of Default mailed to you from your lender.
• Within 1 month: another Notice of Default mailed.
• Within 1 month: Your lender schedules a Trustee’s Sale (auction) for at least 90 days after your default.
• Three months later: On the date of sale, trustee sells the property to the highest bidder and you no longer have any claim to your property.

Do you find yourself already entangled with your lender somewhere along this timeline? If so contact Pak & Moring to discuss your situation, and see if we can help you through this process.
Additional Homeowner Resources

• Making Home Affordable – a push by the new Presidential Administration – help in refinancing and loan modification http://makinghomeaffordable.gov/index.html
• LoanSafe – a Forum and Community – featuring advice of other homeownershttp://www.loansafe.org/
• US Dept of Housing and Urban Development – http://www.hud.gov/
• Veterans Affairs – Phoenix load administration and help hotlines –http://www.vba.va.gov/ro/phoenixlgy/index.htm
• Arizona Housing Counseling Agencies – approved by HUD –http://www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm?webListAction=search&searchstate=AZ
• Fannie Mae – http://www.fanniemae.com/
• Freddie Mac – http://www.freddiemac.com/