Foreclosures were the best option defaulters have a few years ago. However, the trend has been completely changed by the introduction of a new mode of selling your home faster known as short sale. There are certain rules and regulations states set according to the best possible options they have. Arizona is among the states where it is really easy to deal in the property due to flexible terms and conditions set by the state government. All you need to do is to involve a person who is fully equipped with the knowledge regarding foreclosures and short sales. Foreclosure and short sale are dealt as two different categories and both have different requirements.
Judicial foreclosure requires that you have to file a lawsuit in the court to get permission to foreclose your property. In this regard, you have to hire a law firm who may give you certain tips to foreclose your home and can also meet the legal requirements. In order to avoid any legal ambiguities that may delay your case, it will be better to choose the law firm with great care. You must assure that the firm you are going to choose has good reputation and can win your case. Judicial foreclosures are not the only option you are left with. You may also choose to go for non-judicial foreclosures. However, it depends on the nature of your case. Sometimes, you may have to file a lawsuit to ask the court to get you permission from the bank to foreclose the property.
You can go for the non-judicial foreclosure only if there is a clause in your agreement regarding the foreclosure. It will be best to take the consent from Arizona short sale relator because the realtors can give you some tips regarding making your case more strong. It is surely not so easy to get permission from the bank to foreclose or short sale the property if you are unable to pay the loan. Bank will try to get all the money from you even if they have to sell your property without your consent. It will be a good idea to short sale your property if you think that you will not be able to pay the mortgage payments in the near future. There are different scenarios when you can choose foreclosures or short sale of the property.
Generally, it is considered best to short sale the property. However, most of the times you have to accept amount against the property less than the original value. Thus you have to think about the options you are left with any study Arizona foreclosure laws to choose the option that will be most beneficial for you. Banks usually do not permit the borrower to sell the property on his own.