Foreclosures/Trustee’s Sale/Short Sale

Facing the possibility of losing your home is devastating. Many people feel like they are out of options. They do not know what to do or where to turn.

If you are facing potential foreclosure, you should know that you are not alone. Our East Valley foreclosure defense attorneys have assisted many people in your situation. It is common to feel as if there is no escape, but there may be options. At the law office of Terry J. Fong Law Group, in Gilbert, Arizona, we can evaluate your particular situation and advise you of your options to protect your home and your finances.

Gilbert Attorneys Handling Loan Modifications And Short Sales In Chandler, Mesa, Gilbert And The Entire East Valley

If your mortgage is in trouble, there are several options we will discuss with you. We will determine whether a loan modification, short sale or foreclosure is the best option for you. Our real estate lawyers will work with you and your lender to find the best possible solution to your problem:

  • Loan modifications: There are many unscrupulous individuals and organizations associated with loan modifications, so it is critical to contact a highly regarded, locally licensed attorney who will handle your case ethically and effectively. At our Gilbert law firm, we are licensed and in good standing with the State Bar of Arizona. Using years of experience, we help homeowners who are underwater on their mortgages understand the loan modification process to get current on payments and save their homes.
  • Short sales: In a short sale, homeowners who face financial hardships negotiate agreements with their mortgage lenders to allow the homeowners to sell their homes for less than the amount of the outstanding mortgage. For a homeowner who is engaged in the short sale process, it is critical that the mortgage lender also agrees to release the homeowner from the balance of the mortgage loan following the short sale; otherwise, the homeowner may in some cases remain liable for the balance of the loan after the short sale.
  • Foreclosure: In a typical foreclosure in Arizona, a trustee usually sells a property at a formal sale called a "trustee's sale" after a homeowner defaults on its mortgage payments. A trustee's sale foreclosure is a lengthy and complicated process. We can explain the process and your rights during the process of the trustee's sale so that you know what to expect.
  • Liability for loan deficiency: One of the most pressing concerns of a homeowner facing foreclosure is whether the homeowner is going to be liable to the mortgage lender for the balance of the loan after the foreclosure sale where there is not enough money realized from the sale to pay off the entire loan. In the normal case, a mortgage lender has the right after a foreclosure to file a lawsuit and obtain a deficiency judgment against the homeowner for the balance amount of the loan. Arizona is one of the few states that has a law that protects some homeowners who lose their homes to foreclosure from a lawsuit by the lender seeking to recover the deficiency amount of the loan after the foreclosure. This is sometimes referred to as Arizona's "anti-deficiency" law. Not all homeowners, however, are protected by Arizona's anti-deficiency law and certain criteria have to be met. If you are in this situation, then you should consult with a qualified attorney who can evaluate your particular situation to see if you are protected by the anti-deficiency law. This area of law is undergoing a state of flux due to the extraordinary number of foreclosures and judicial interpretations of the law since the late 2000s.

Located in Gilbert, Arizona, our Gilbert and Chandler clients enjoy the benefits and guidance of Terry J. Fong's 30-plus years of real estate, business law and civil litigation experience. To learn more, contact us at 480-359-2810 or toll free at 800-677-2784.

To read about our achievements, please visit our litigation experience and results page.

Will I Be Able To Keep My Home?

Whether or not you will be able to keep your home depends on several different factors. You will need a knowledgeable lawyer with a solid understanding of all these factors. Let us help. Speak to a Gilbert foreclosure defense attorney at Terry J. Fong Law Group, by calling 480-359-2810 or toll free at 800-677-2784, or fill out our online contact form.