Legal Question in Real Estate Law in Arizona

Re: house foreclosure

I cannot tell you anything without seeing the loan and purchase documents. If you want to minimize the consequences, you can convey the property to your lender in exchange for a release of all obligations to the lender. If you just stop paying, then it usually takes 4-6 months for the lender to foreclose on the property and you have lived there without payment. Even at this point, you may convey the property to the lender in lieu of foreclosure.

There may be other consequences to consider, such as you credit score, income tax consequences, deficiency judgment, etc. etc.

You should consult counsel at once. Have you talked with your lender to modify your loan? Do you just not have any income to pay the payments due?