Phoenix Foreclosure Attorney
Helping Clients Keep Their Homes
The recession has affected many hardworking people who tried to make the right decisions about real estate. Many of the people affected bought property when the real estate market was booming, only to discover that they were underwater on mortgages they could not afford when the bottom fell out of the market.
At the Law Office of Harold E. Campbell P.C., Attorney Campbell represents people throughout Arizona struggling to resolve their debts. Our clients include property owners fighting foreclosures on vacation or rental properties, the owners of raw land that lost value before being developed, and homeowners who did everything – including exhausting personal savings accounts and 401(k)s – to keep their homes.
We understand what you have been through and we know that it is possible to work hard, make the right decisions, and still end up with unmanageable debt. Our foreclosure lawyer in Phoenix can help.
Contact the Law Office of Harold E. Campbell P.C. online or reach out to us by calling (480) 568-2333 for help.
How Filing for Bankruptcy Can Stop Foreclosure
Filing for bankruptcy puts an "automatic stay" to foreclosure proceedings. The foreclosure stops and is rolled into the bankruptcy proceeding.
This means that:
- The sale of your home is postponed temporarily
- This can give you enough time to decide whether to move forward with bankruptcy or another debt relief option
In many cases, filing Chapter 7 bankruptcy can delay the foreclosure by a number of months. You may also be able to save your home by filing for Chapter 13, Chapter 11, or Chapter 12 bankruptcy. There is no one-size-fits-all solution, so we take the time to talk with you about your options. We personally tailor an approach that is right for you and your family.
Can I Get Foreclosure Protection?
If you are struggling to make your mortgage payments due to the negative impacts of COVID-19, you may be able to work with your lender to receive protection from foreclosure. To help those struggling to make ends meat, many mortgage companies and states have allowed exceptions during this time to offset financial struggles for their customers in order to prevent them from losing their home.
How Long Can I Stay in My Home After Foreclosure?
In the unfortunate event that you cannot save your home from foreclosure, there is an allotted timeframe that you may remain living in it. You are not required to move out until the sale of the home. Depending on your unique situation, the timeframe between the notice of foreclosure and the sale may be anywhere from two months to an entire year, or longer.
What is Equity?
Equity is the amount of money that a person pours into their home loan in order to own it a little bit more of it with each payment. Equity is a form of savings account for many people as they can sell their home and come away with the equity that they have built in-pocket.
Will I Lose All Equity in Foreclosure?
If your home is going to be foreclosed, you will still come away with the equity that is left over after all expenses and fees have been paid. It is important to keep in mind that with each payment missed prior to foreclosure, equity drops, but the amount that is left when all is said and done does belong to you.
Can You Stop a Short Sale?
Whether you are on the selling or receiving end of a short sale, there are only a few ways that one can be stopped, which include:
- Foreclosure taking the place of a short sale
- The seller cancelling the listing, which they agree upon with their selling agent
- The seller receiving a higher offer than their first, which they accept as a replacement to their current agreement
What Do I Get To
Keep In Bankruptcy