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Debt Collectors Sanctioned for Deceptive Practices

The Consumer Financial Protection Bureau (CFPB) recently sanctioned two of the largest debt collectors for deceptive and abusive debt collection practices. The two entities are Portfolio Recovery Associates and Encore Capital Group, Inc. Encore’s subsidiaries are Midland Funding LLC, Midland Credit Management, and Asset Acceptance Capital Corp. These entities buy delinquent or charged-off debt from banks and other companies, usually for pennies on the dollar, and then try to collect the debt from the consumer.

The CFPB determined that these companies engaged in numerous illegal and deceptive practices, including: attempting to collect on unsubstantiated or inaccurate debt, suing or threatening to sue consumers after the statute of limitations had expired, pressuring consumers to make payments using misrepresentations, disregarding consumer disputes, making harassing collection calls, and relying on robo-signed documents to file tens of thousands of lawsuits against consumers, often without any intention or ability to prove the debt.

The CFPB imposed a number of sanctions. Encore was ordered to pay up to $42 million in refunds, a $10 million penalty, and to stop collection on $125 million of debt. Portfolio Recovery must pay $19 million in refunds, an $8 million penalty, and must stop collection on $3 million of debt. Among other penalties, the two companies were ordered to reform their debt collection practices, and are prohibited from reselling the debt they buy to other debt collectors.  Read more on How to Avoid Debt Collection Scams in Arizona.

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Court Expands Mortgage Interest Deduction

In a recent decision, the 9th Circuit Court of Appeals expanded the mortgage interest deduction, effectively doubling the deduction limits for unmarried co-owners. The decision has important implications for individuals with very high mortgage debt, and also for those who take out second mortgages on their homes. Read on to find out more.

The tax laws (known as the Internal Revenue Code) allow individuals to deduct the interest they pay on the mortgage on their home. This is commonly known as the mortgage interest deduction. What is not commonly known is that individuals can also deduct the mortgage interest on a second home. In addition, individuals can deduct interest paid on a home equity line of credit (HELOC), both on their primary home and a second home. If two or more unmarried individuals own a single home, they can apportion the interest deduction among themselves. There is, however, a limit on how much interest can be deducted. A deduction can be claimed only for interest on $1,000,000 of acquisition indebtedness (the amount borrowed to buy a home), and $100,000 of home equity indebtedness. So, for example, if you have a $200,000 HELOC, you can only deduct half of the interest you pay on it. These limitations apply to single individuals. These same limitations also apply to married couples.

But, what happens if a home is owned by two people, who both reside in it, and are not married? The IRS had taken the position that unmarried co-owners, together, are subject to the same limits as individuals. If the IRS’s position had prevailed, then two unmarried individuals who had a $200,000 HELOC could together only claim a deduction for half the interest paid. However, the court disagreed with the IRS, and ruled that the limits applied separately to each individual owner. This means that in our example with two owners and a $200,000 HELOC, each owner could deduct interest on $100,000 of the debt, and together they can deduct the full interest paid.

How significant is this decision for Arizonans? The decision will have the most benefit to those who have mortgages between one million and two million dollars. Because most mortgages in Arizona are less than $1,000,000, most Arizonans will not be able to take advantage of this “acquisition indebtedness” deduction. However, the expansion of the home equity indebtedness deduction will likely be more significant, because many people refinance their homes and take out large HELOC loans.

The case is Voss v. Commissioner of Internal Revenue, 796 F.3d 1051 (9th Cir. 2015).

The above information is provided for general purposes only and does not constitute legal advice or create an attorney-client relationship, If you need legal advice for your specific situation, you should contact a qualified attorney in your area.

Posted in Mortgages and Foreclosure Prevention in Arizona | Leave a comment

4 Steps to Avoiding Bankruptcy in Arizona

I often get asked by prospective clients in Tucson and Mesa if bankruptcy is the only option available to deal with their debt problems.  The truth is, bankruptcy is not the only option, and several alternatives are available for avoiding bankruptcy.  Unfortunately, by the time most people decide to go see a lawyer, bankruptcy is the only cost-effective option left.  For those who would like to deal with their debt without resorting to bankruptcy, here are the 4 steps to take:

Don’t procrastinate

.  This may be the simplest step, but in practice turns out to be the most difficult to follow.  It is also the most critical one.  If you are going to have a reasonable chance of resolving your debt issues, you will want to be proactive.  The reason is simple—the lower the debt, the easier it is to deal with it.  Delay results in increases to your debt through interest, fees, and other charges, and can often lead to the doubling or tripling of the original debt.  Delay can also have a snowball effect, causing you to incur more debt as you are trying to deal with the existing debt.  So, to maximize your chances or getting out of debt, begin to address it as soon as possible by following the remaining three steps below.

Evaluate your financial situation

.  The second step is to evaluate your financial situation and determine the reasons that forced you to get into debt.  For example, is the debt the result of a medical emergency that is not expected to recur?  Or is the debt the result of loss of income?  If there has been a loss of income, what is the likelihood of regaining that income?  What is the expected timetable?  In conducting this evaluation, it is important to be completely honest with yourself, and not engage in wishful thinking.  If, for example, there has been a loss of income, but you have not been able to find any open positions at the same income level, then it would not be reasonable to assume that you will regain your income in three months.  This of course does not mean that you will not in fact find a similarly-paying job in the next three months.  But for purposes of planning a debt resolution strategy, it is best to be very conservative in your expectations.

The purpose of this step is two-fold: you need to know whether your debt is fixed, or whether you will continue to incur new debt; you also want to know how much you can afford to pay toward your debt when it comes time to settle it.

Analyze your debt structure

.  What kind of debt do you have?  Is it a mortgage on which you are behind?  A car loan?  Income taxes?  Credit cards?  Medical bills?  There are different ways to deal with each kind of debt, and some debts must take priority over others.  As a rule of thumb, you want to deal with the mortgages on your home first.  Next on your list of priorities should be taxes.  After that, other secured debt, like car loans (you can read about the differences between secured and unsecured debt by clicking here).  And finally, unsecured debt like credit cards, medical bills, and personal loans.  (Read our article on financial planning for more information).

Debt resolution

.  The final step is to resolve your debt.  Resolution of a debt can take one of several different forms.

  • Mortgages—if you are behind on a mortgage and not able to catch up, you will most likely want to seek a mortgage modification. If you have a residential mortgage, there are several different programs and resources available to help you.  You can find links to a few of such resources on our Resources Page under “Foreclosure Assistance.”  In addition, there are several community counseling agencies that can assist people with applying for mortgage modifications (the list of many of these agencies is available through the HUD website).  For other types of mortgages, a modification can be requested directly through the lender.  Of course, since the lender has to agree to a modification, there is no guarantee that your request will be granted.
  • Taxes—there are several different programs for settling or negotiating tax debt, such as the IRS Offer in Compromise program. Because of the complexity of tax matters in general, it is best to consult a professional regarding your best options for settling tax debt.
  • Credit cards and other unsecured debt—when it comes to unsecured debt, there are two basic options: disputing/litigating the debt, and settling.
    • The dispute/litigation route is useful if you have a legal basis for contesting liability. For example, it is not uncommon for collection agencies to try to recover debt after the statute of limitations period has expired.  In such cases, disputing liability based on the statute of limitations may be the best and most cost-effective option.  Another fairly common occurrence is where a debt is purchased by a collection company, but the collection company lacks adequate documentation of the debt, and cannot prove the liability in court.  In such cases, disputing the debt may also be the best option.
    • The settlement route can be utilized in all cases. In essence, settlement requires negotiation with the creditor, in an attempt to get the creditor to agree to accept less than what the creditor is owed.  Several points should be kept in mind when negotiating a settlement.  First, if you are current on your minimum payments on an unsecured debt, it is a lot less likely that a creditor will agree to reduce the amount owed—generally you’ll need to be a few months behind before the creditor will negotiate with you.  Second, it is best to conduct the settlement discussions before the creditor retains an attorney or files a lawsuit—the less the creditor has to spend on attorney fees and court costs, the more likely it is that you can get a better settlement.  Third, many creditors will require you to provide evidence of financial hardship by disclosing information on your assets and finances—if you in fact have assets sufficient to pay the debt, the creditor may reject any settlement proposal and go after the assets that you disclosed.

Ultimately, if you are dealing with debt and are trying to decide whether to pursue a non-bankruptcy option or to file for bankruptcy, ask yourself the following: which approach is most cost-effective?   The “costs” include actual monetary costs, but also indirect costs (e.g. the length of time it will take to rebuild your credit history).  If you decide that a non-bankruptcy resolution is the best option for you, know that it can be done.  Just make sure to be proactive in your approach, prioritize your debts, and get professional assistance if you need it.

The above is provided for general informational purposes only.  It is not intended to and does not constitute legal advice, and does not create an attorney-client relationship.  If you need legal advice for your specific situation, you should contact a qualified attorney in your area.

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Debts Not Discharged in Chapter 7 Bankruptcy

A Chapter 7 bankruptcy discharges many types of debt. However, there are some debts that are not discharged in Chapter 7. The list of non-dischargeable debts appears in section 523 of the Bankruptcy Code (11 U.S.C. § 523). Continue reading »

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Difference between the U.S. Trustee and a Bankruptcy Trustee?

If you are contemplating bankruptcy, you may hear or see references to the U.S. Trustee or a bankruptcy trustee, and wonder what the difference may be. The short answer is that the U.S. Trustee is the bankruptcy trustee, although in some cases the U.S. Trustee may appoint private individuals to serve as the bankruptcy trustee in a particular case.

The United States Trustee Program is a component of the Department of Justice, tasked with overseeing the administration of bankruptcy cases and private trustees under 28 U.S.C. § 586 and 11 U.S.C. § 101, et seq. (the Bankruptcy Code). There are a total of 21 U.S. Trustee offices throughout the country (28 U.S.C. § 581), with a U.S. trustee appointed to oversee each office. Each U.S. Trustee, of course, employs staff, including attorneys, to help in carrying out the Trustee’s duties (28 U.S.C. § 589).

The U.S. Trustee’s involvement in the bankruptcy cases varies by the type of the case. In Chapter 7 bankruptcy cases, the U.S. Trustee appoints private individuals (usually attorneys) to oversee the cases (28 U.S.C. § 586(a)(1)), and performs primarily a supervisory role, making sure that the private Chapter 7 trustees properly perform their duties.

In Chapter 13 bankruptcy cases, the U.S. Trustee will usually appoint a standing Chapter 13 trustee to oversee the Chapter 13 cases (28 U.S.C. § 586(b)), and again performs a supervisory function.

The U.S. Trustee’s most direct involvement is in Chapter 11 cases, in which the Trustee or her staff directly perform the duties specified in § 586, which include conducting the meeting of creditors (also known as the §341 meeting), appointing creditors’ committees, reviewing applications for compensation of professionals, monitoring plans and disclosure statements, and collecting the quarterly fees prescribed by 28 U.S.C. § 1930(a)(6). In the rare Chapter 11 cases in which the debtor is not allowed to continue managing its own affairs, the U.S. Trustee may also appoint a private trustee to manage the debtor’s affairs.

One of the more significant duties of the U.S. Trustee is the duty to investigate abuses and violations of the bankruptcy process, and, where appropriate, to object to the debtor’s discharge or seek dismissal of the cases (see, e.g., 28 U.S.C. § 586, 11 U.S.C. §§ 727, 1112).

In sum, while the U.S. Trustee plays a very important role in the bankruptcy process, most debtors in Chapter 7 and Chapter 13 cases will not have any direct dealings with the U.S. Trustee. Those filing for Chapter 11 bankruptcy, however, can expect to have interactions with the U.S. Trustee’s office throughout the process.

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Can Bankruptcy Help an Arizona Real Estate Investor Keep Investment Property?

real estate bankruptcy - caught in a viceReal estate bankruptcy has risen.  With the financial downturn of the last several years, and the corresponding deterioration of lease rates for real estate, many real estate investors have found themselves in the unenviable situation of owning residential or commercial real estate that does not generate sufficient revenue to cover the debt service. Faced with such a situation, the real estate investor usually sees two alternatives: (1) to hold on to the real estate and try to minimize losses by continuing to lease it out, in the hopes that eventually the market will recover, and the investor will be able to offset the current losses with future gains derived from increased rents, or (2) to cut the losses short and let the lender foreclose on its collateral.


Real Estate Bankruptcy Choices


real estate bankruptcy - houseThe first of these options is not very attractive, because the investor’s financial situation may not allow him/her to continue to take losses for years in the hopes of a market recovery. This is especially true if the investor’s primary source of personal income is the lease or rental of real property. The second option can be even more unattractive because, at least when it comes to commercial property or multi-unit residential property, allowing the lender to foreclose will likely expose the investor to personal liability for the deficiency balance of the debt. Even where the mortgage is non-recourse (as is usually the case with single-family or two-family residential real estate), the investor may still wish to avoid the foreclosure route, either because of the unique characteristics of the specific piece of real estate, or because the investor cannot obtain financing for a new or alternative investment, or for a number of other possible reasons.


Chapter 11 or Chapter 13 Could Help


real estate bankruptcy - signThere is, however, a third alternative, which is often not considered because the investor is not aware of it—the adjustment of debt through bankruptcy. A Chapter 11 bankruptcy (or Chapter 13 bankruptcy where appropriate) is a unique mechanism that allows a real estate investor to modify secured debt in a number of different ways. First, the secured portion of the mortgage or loan can be reduced to the value of the property securing the debt. So, for example, if the mortgage balance is $150,000, but the market value of the property is $100,000, the mortgage can be reduced to $100,000, with the remaining $50,000 being treated as unsecured debt. Second, the interest rate on the secured debt can be modified to more accurately reflect current market conditions. Third, the amortization (or repayment) term for the secured portion of the debt can be extended or otherwise modified. Together, these techniques can often allow the investor to both keep the investment property and to reduce the monthly debt service to well below the amount of monthly rent, making the continued rental or lease of the property profitable again.

In addition to reducing the secured debt, Chapter 11 or Chapter 13 bankruptcy also allows the investor to deal with unsecured debt, whether it be the unsecured debt resulting from the reduction of the mortgages on the investor’s property, or other unsecured debt, such as credit cards or signature loans. Such debt can often be drastically reduced, and the reduced amount paid over time and usually without interest.

real estate bankruptcy - shovelThere are additional benefits of bankruptcy to a real estate investor, such as the ability to terminate unfavorable leases or contracts.

In short, real estate bankruptcy may be a beneficial option to an investor facing financial difficulties, and should be reviewed as part of a comprehensive analysis of debt management options. Of course, whether bankruptcy is the right option for a specific real estate investor cannot be determined without knowing all the facts of the investor’s specific situation, and is something that should be evaluated in consultation with a qualified bankruptcy attorney.

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The Basics of Financial Planning and Dealing with Debt

dealing with debt - moneyAs a bankruptcy attorney, I am used to counseling individuals and families who are struggling with debt. But what I still cannot get used to seeing is how well-meaning people, who want to do what they can to pay off their debts, end up making their debt problems much worse by using incorrect debt management methods. And this is almost always avoidable.

I’ll give you a few examples. Say you have $20,000 in credit card debt. You can’t afford to pay this debt and pay your other bills, and the credit card company keeps calling you, and possibly even threatening to sue you. You know you have some equity in your home, so you decide to refinance your home, or take out a home equity line of credit, to pay off the credit cards. Your credit cards are now paid off, but your mortgage payments have gone up. If you weren’t able to make your credit card payments, you are likely to have difficulty making the increased mortgage payments as well. You start falling behind on your mortgage, and the mortgage company starts foreclosure proceedings. You are now in danger of losing your home.

dealing with debt - usaOr, as often happens, you get so inundated with the credit card company’s collection calls and letters, that you are willing to pay them just to make it stop. So you skip a mortgage or car payment to pay the credit card company, hoping that you’ll catch up later. If you can’t catch up, or fall even further behind, you now stand to lose your house or car. And because of accruing interest, you probably still owe the credit card company as much as you did to begin with.

Yet another possibility is that you pull money out of your retirement account or 401(k) to pay off your credit cards. However, unless the situation that caused the debt in the first place has been remedied, the same type of scenario is likely to be repeated. Eventually, you deplete your retirement account, but still have debt to deal with.

Dealing With Debt

So, what should you do? Well, when dealing with debt problems, there are a few simple rules that you can follow to make sure you do not make your situation any worse than it is. First, you must properly prioritize your obligations. Put simply, there are certain bills that you need to pay before paying other bills. The basic order is as follows: 1) pay your living expenses—being current on your mortgage or having a low credit card balance is not that helpful when you are going hungry or don’t have electricity, so make sure to take care first of the necessities; 2) after your living expenses are covered, pay your secured debts, like a mortgage or car payment—not paying a secured debt may result in the loss of the collateral (i.e. the house or the car), so secured debts should take priority over unsecured debts like credit cards; 3) pay unsecured debts, like credit cards or personal loans, only if you have money left over after paying your living expenses and secured debts.

dealing with debt - budgetSecond, you want to protect your exempt assets. Exempt assets are those that your unsecured creditors cannot touch, regardless of how much you owe them. What assets are exempt varies from state to state. Arizona law provides many different exemptions, including an exemption for your car and an exemption for many items of your household goods and furniture. However, most people’s biggest exempt asset is a retirement or 401(k) account (although a house in which a person lives can also be claimed exempt, in most cases the house will be encumbered by a mortgage). If you are struggling with debt, there is a natural tendency to want to use your retirement account or other exempt assets to pay down the debt. Unfortunately, oftentimes this tactic will not resolve your debt problems but only prolong them. Ultimately, you may still end up having to seek debt relief through bankruptcy, but if you deplete your exempt assets before filing for bankruptcy, you will make your road to financial recovery that much more difficult.

dealing with debt - graphThird, do not incur secured debt to pay off unsecured debt. Secured debt is debt that, if not paid, will result in the loss of the collateral that you pledged to secure the debt. On the other hand, unsecured debt, if not paid, does not automatically result in the loss of any property. More importantly, unsecured debt is dischargeable in bankruptcy. So, to use the example from earlier in this article, if you take out a home equity line of credit (“HELOC”) to pay off a credit card, you have converted what was an unsecured debt (credit card) into a secured debt (home equity loan). If you had difficulty paying the credit card, you will probably have difficulty paying the HELOC. But now that the debt is secured, if you are unable to pay it, you are likely to lose the property securing the debt, i.e. your home in our example. In addition, if you end up seeking debt relief through bankruptcy, you can, with some exceptions, eliminate unsecured debt. However, in most cases, you cannot eliminate secured debt unless you are willing to get rid of the property securing the debt.

To summarize, although financial problems are often a result of many different factors, proper planning and debt management will help you maintain control of your situation, and will give you greater flexibility in resolving your financial difficulties and getting your life back on track. Just remember to prioritize your obligations, protect your exempt assets, and not convert unsecured debt into secured debt.  For more information on dealing with debt, you can read our article on ways to avoid bankruptcy in Arizona.

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Can A Creditor Come After Me If I Co-Signed For A Loan?

co-signed for a loan - wallet cardsThe short answer is yes. I see this situation all the time: parents co-sign loans for their children, family members co-sign for each other, and friends co-sign for friends. Then, when the primary debtor stops paying, the creditor tries to collect from the co-signer. At that point, there are four basic ways for the co-signer to handle the debt: (1) dispute it (e.g. because the debt is too old, or because it is unenforceable for some other reason), (2) try to settle with the creditor, (3) file for bankruptcy, or (4) not do anything. The last option should only be used after careful consideration of all alternatives, and generally only if the co-signer is judgment-proof (meaning the co-signer does not have assets that could be taken by the creditor). Of course, there is also a fifth option—to get the primary debtor to pay the debt—but oftentimes the primary debtor simply does not have the resources to pay. Afterall, the likelihood of non-payment by the primary debtor is probably why the creditor required a co-signer in the first place.

co-signed for a loan - credit cardCo-Signed For a Loan?

Does this mean that you should never co-sign for somebody else’s debt? Of course not. In some circumstances co-signing is quite understandable and may even be necessary (e.g. a parent co-signing for a child’s first credit card to allow the child to build up a credit history). But you should be aware of the risks involved and of the liability that you are incurring by co-signing. Put simply, when you co-sign for a debt, you are responsible for it. Are you comfortable being responsible for this debt? If you answer yes, then it may be appropriate for you to co-sign. But if you answer no, then steer clear of co-signing.

You may also be interested in the following articles: 4 Steps to Avoiding Bankruptcy in Arizona, Form 1099-C and Debt Forgiveness in Arizona.

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Should I Hire A Bankruptcy Attorney?

If you are considering bankruptcy, your finances are probably already very tight, so paying for a bankruptcy attorney can seem almost counter intuitive–after all,if you had the money to pay for a lawyer, you would not need a bankruptcy, right? Why should you hire one then? If you are filing for personal bankruptcy (as opposed to a bankruptcy for a business that you own) you don’t need to have a lawyer, you can file for bankruptcy on your own. It is not impossible to do, and people have successfully done it before. However, if you are going to file for bankruptcy on your own, you need to make sure you know what you are doing. This means that you will have to spend some time learning how the process works, and what specific steps you need to take to successfully navigate through bankruptcy.

The relative complexity of a bankruptcy will differ depending on whether it is a Chapter 7, Chapter 13, or Chapter 11 bankruptcy attorney Tucson - legal books  bankruptcy (chapter 7 cases tend to be simpler than the other two), and the type of assets and debts you have. Still, bankruptcy by its nature is a complicated process, where a small mistake can have significant negative consequences. For example, not completing the required credit counseling before filing will cause your case to be dismissed. As another example, if you have non-exempt property that you don’t realize is non-exempt, you may lose that property in bankruptcy. If you are not willing or able to dedicate the time and resources necessary to learn how bankruptcy works, you are better off hiring a lawyer.

Moreover, a lawyer can usually bankruptcy attorney tucson - justice suggest strategies for protecting your assets or eliminating debt that you would not think of on your own. The need for a good bankruptcy lawyer also increases if you are filing under Chapter 13 or Chapter 11, as these types of bankruptcy are usually too complex for a non-lawyer to handle on his/her own. Ultimately, the cost of hiring a lawyer is very small compared to the amount of debt most people discharge through bankruptcy.

That being said, if you are going to hire a lawyer, you should consult with several, and choose the one with whom you feel the most comfortable–afterall, you will be dealing with your lawyer for several months to several years, depending on the case.

Bankruptcy Attorney Tucson

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Going Through A Mortgage Modification While Behind On Mortgage Payments? Read This First.

I get contacted almost every week by people who were attempting to do a mortgage modification (also known as loan modification) through their mortgage company, but ended up losing their house to foreclosure.

Mortgage Modification May Seem Like a Good Option

It’s a similar situation in every case: the homeowner is behind on his or her mortgage payments, and the mortgage company threatens or even starts foreclosure proceedings. In an effort to save the house, the homeowner contacts the mortgage company, and is told that he or she may qualify for a mortgage modification, but that she needs to complete an application, provide financial information, and then wait for this information to be reviewed by the mortgage company.

The mortgage company rep will even tell the homeowner that the foreclosure proceedings will stop while the mortgage modification application is being reviewed. Several months later, the homeowner will be informed that the modification was not approved. Shortly thereafter, sometimes as soon as the next day, the house is foreclosed upon (the actual procedure used in almost all cases in Arizona is called a “trustee’s sale”). And once the trustee’s sale takes place, nothing can be done, as a general matter, to reverse it and to allow the homeowner to keep the house.

So, can you try to do a mortgage modification if you are behind on your mortgage payments or facing foreclosure? The answer is yes, but there are several things you need to keep in mind.

First, and most importantly, remember that whatever you are told over the phone by the representatives of the mortgage company means nothing unless you get it in writing. Even if you are told that your mortgage modification has been approved, or is about to be approved, don’t believe it until you see it in writing. Make sure to request verification in writing for any such statements made by the mortgage company’s representatives. If they refuse to provide the verification, the safest approach is to assume that whatever you were told is false.

Second, you should assume that any foreclosure that has been previously scheduled will take place. This is why it is very important to keep track of the foreclosure date. You can and should contact the trustee (the individual or company handling the foreclosure) periodically to check on the status of the foreclosure. They will usually give you much more accurate information than the mortgage company’s customer service department, because they are the ones who will hold the foreclosure sale if it takes place.

Third, if you want to assure that you can keep your house, you must be proactive and plan ahead. If you are waiting on a mortgage modification while a foreclosure is pending, and the foreclosure sale is not cancelled or postponed in writing, the primary way to assure that the foreclosure sale does not take place is through bankruptcy. However, if you wait until the day before the foreclosure to contact an attorney, it may be too late—you may not find an attorney able to do a last-minute bankruptcy filing; you may not have time to complete your pre-bankruptcy requirements, like the credit counseling course; or you may not be able to come up with the costs and fees that need to be paid in order to file for bankruptcy.

Because of this, if you are facing a foreclosure, it is best to consult an attorney well in advance (at least two months before the scheduled foreclosure date). That way, you will know what your options are and what you will need to do if the mortgage modification doesn’t go through before the foreclosure. If you mortgage later is modified, then great. But if it isn’t, then you will know exactly what steps to take in order to prevent the foreclosure.

If you are renting rather than buying, you may be interested in this article: How To Use Bankruptcy To Stop An Eviction.

Posted in Mortgages and Foreclosure Prevention in Arizona | Leave a comment

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Tucson, AZ 85711

Phone: (520) 745-4429

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Yusufov Law Firm PLLC
2266 South Dobson Road, Suite 200
Mesa, AZ 85202
Phone: (480) 788-0098

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To discuss your financial situation and learn more about your debt relief options, give us a call at (520) 745-4429 or (480) 788-0098 or contact us via our website to schedule a free consultation.

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We represent clients throughout Mesa, greater Phoenix area, Tucson, and Southern Arizona, including Maricopa, Pima, Pinal, Santa Cruz, Cochise, Graham, and Greenlee counties.

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