Bart Marchioni ,a Realtor at Keller Williams Realty - Silicon Valley, and a member and author of 3 Oceans Real Estate , one of the best Blogs on the real estate industry in California,
recently wrote an excellent 3-part series on "How to Avoid Foreclosure" which I recommend to all home sellers and buyers.
He reports on "11 Options for Homeowners facing foreclosure " which you can request report from Bart at his site - he breaks down your options into the following 3 parts:
- Things you can do to try and keep your home
- Things you can do to sell your home,
- And finally, some "last resort" options.
Here are some immediate recommendations which he explains in much more detail
Arizona and the Metro Phoenix area , is a bit different than California as we do not have mortgages. We have Deeds of trust. As a result, reinstatement is not an option.
Here's what you should do 1st.
Contact your lender to make them aware of the pending problem. You may be surprised of their understanding and willingness to work with you to keep you in your home prior to a bank foreclosure.