Legal Question in Real Estate Law in Arizona
real estate foreclosure
I have not paid my mortgage in the state of arizona since 1/1/09. I recieved a breech letter on 2/19 stating that I had 30 days to get current. In the meantime I called and gave them a post dated check for one month that will come out on 3/31. Now they just told me that they cant guarentee that I wont go into foreclosure right away...even before 3/31. My question is do they have to wait the full 90 days in AZ to start foreclosure (today is day 79) or can they do it right now? Also if they accept one month from me instead of all of it will it go back to being 60 days late instead of 90? Thanks a million
1 Answer from Attorneys
Re: real estate foreclosure
You should immediately take all the steps needed to determine if you can get your loan modified based upon the current circumstances and your ability to pay. Most banks in AZ are not foreclosing on mortgages and are working with the borrowers to refinance their loans so that people can stay in their homes. Whether acceptance of partial payment, will affect the lender's right to foreclose depends upon the terms of your note and deed of trust.
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