There are two types of foreclosures; a judicial foreclosure and a non-judicial foreclosure. Only 13 states including Arizona process non-judicial foreclosures also referred to as a Notice of Trustee Sale. Lenders and Mortgage Companies still retain the right to process a judicial foreclosure but this type of process is more time consuming and costly. We will not discuss the process of a judicial foreclosure in the following information. We will only provide you with the process of a non-judicial foreclosure.

For a Trustee Sale to occur, a homeowner must be 90 days past due on their mortgage payment. On the 91st day the Lender also known as the beneficiary has the legal right to begin foreclosure proceedings. The Lender or Mortgage Company can file a “Notice of Trustee Sale” with the County Recorders Office. Upon recordation, a copy of the notice is delivered to the homeowner or anyone else that has an interest in the property. Arizona Law states that the “Trustee Sale Auction” cannot occur until after the Notice of Trustee Sale is recorded and a period of 90 days has passed.

At any time prior to the Auction, the homeowner has the right to “make good” on their note either by catching up on their past due payments, short selling the home or working out a loan modification with the Lender. If the homeowner has NOT performed one of the above remedies and NOT filed for bankruptcy and the time frames have expired, then the Trustee Sale will be held at an attorney’s office or at the courthouse.

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You may have fallen behind on your home loan payments, but this doesn’t mean life is over. Instead, all it means is that you need to get creative and think about your options. You can definitely keep your home if you know whom to talk to and what avenues to take. The following are some effective insider tips on how to stop foreclosure.

Talk to Banks

One of the first things you should do is reach out to your bank. Ask them for more time on your home loan payments and explain that you have fallen on some rough times. This bank may be willing to offer you some leniency as long as you show that you do want to turn this situation around and are working on doing exactly this.

Loan Modification

Often, lenders are open to altering the terms of your loan if you show that you do want to make payments but may need the amount lessened. Be open and honest with lenders so that they understand your financial situation. Often, they will take pity on you not just because they like you but because the foreclosure process often costs them a lot of money. Talk to the bank as early as possible if you want to avoid foreclosure. This is a chance to lower your interest rates or to change the terms of your loan so that it becomes more affordable.

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Nobody wants their home to be foreclosed upon. This means that the bank takes back the property. If you are having trouble with your monthly home loan payments, it’s time to act. It will do you no good to cry over this situation or to hide from the bank. The only way to keep your home is to be proactive. The following are some tips for how to delay a foreclosure proceeding.

Talk to the Bank

Financial organizations do not want to foreclose upon your home. This means a huge loss on their part. Thus, if you need a month to catch up on this loan, they may give you the time you need to get through this financially difficult time. After all, if the bank forecloses on your home, it means that they lose your revenue or monthly payments. As long as you show the bank that you are working on a solution, they will no doubt give you some time to get your finances in order.

Consider Consolidation

A great way to stop foreclosure or to delay this process is to juggle some of your bills around so that you can buy yourself some time. Consolidating your credit card bills means that you can free up some funds to pay your mortgage: This could buy you some time.

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Hiring a Chapter 13 bankruptcy attorney used to be a relatively simple process. Today, it can be challenging to locate an attorney to represent your case; particularly, if you reside in a small town. Additionally, the cost of filing bankruptcy has substantially increased due to the Bankruptcy Abuse Prevention and Consumer Protection Act.

BAPCPA includes a provision which requires every chapter 13 bankruptcy attorney to submit a notarized statement verifying their client’s petition is necessary. This places an additional layer or risk upon the lawyer if clients are not honest when providing financial details.

The new bankruptcy laws require attorneys to engage in additional research to ensure clients have provided truthful and adequate information. The additional casework and higher risk factors are the primary factor in increased legal fees which in turn makes it more difficult for U.S. citizens to obtain appropriate counsel.

While businesses and corporations are legally required to have legal representation, individuals have the option to file bankruptcy on their own. Few people possess the knowledge or skills to undergo the process alone. It is important to understand that bankruptcy has far-reaching financial and legal consequences and obtaining appropriate counsel is strongly recommended.

Multiple steps are involved with the bankruptcy process. Debtors must submit a petition to the court, notify creditors, attend a 341 creditor meeting, obtain credit counseling through an approved U.S. Trustee agency; and file financial and legal documents in a timely fashion.

Financial experts recommend consulting with a minimum of three bankruptcy attorneys before making a final decision. It is important to work with a lawyer who has a thorough understanding of BAPCPA requirements. One improper form or missed deadline can result in termination of the bankruptcy petition.

Individuals whose income is at or below poverty level might be able to obtain legal counsel at no cost through pro bono services. The American Bar Association provides a list of pro bono Chapter 13 bankruptcy attorneys via their website at abanet.org.

Take time to organize financial records prior to meeting with prospective lawyers. Make a list of questions and write down the answers during the consultation. When contacting law firms to schedule meetings, ask what information the attorney requires. Most lawyers request detailed list of income and expenses, payroll records, current and previous year tax returns, and creditor contact information.

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People considering filing bankruptcy to help solve their financial problems often want to know which property or possessions they will lose and which they will be able to keep when they file. The answer depends on which type of bankruptcy is filed. In a Chapter 13, you get to keep everything, but you are required to pay all or a portion of your debts out through a payment plan. In a Chapter 7, you must turn all of your property over to the bankruptcy Trustee other than the items that are exempt according to bankruptcy law. By looking at the bankruptcy law exemptions, you can decide what you will be allowed to keep.

In Texas, the debtor is allowed to use either the Federal Bankruptcy Law Exemptions or the Texas Law Exemptions, but you can not mix and match. You must choose one set of laws or the other. Texas laws allow more exemptions for the debtor in most cases, so the discussion below will cover the Texas Law exemptions.

Homestead Exemption: Under Texas Bankruptcy Code, there is no limit to the amount of value in that is exempt in the debtors homestead. The size limitation of a homestead if it is located in a city, town or village is that property cannot exceed 1 acre. For property located outside of a city, town or village, is limited is 100 acres for and individual or 200 acres for a family. In order to be eligible for this exemption, you must have lived in Texas for 2 years and have purchased the property at least 1215 days (3.3 years) before the date of filing.

Personal Property Exemptions: In Texas, a single debtor can keep up to $30,000 of personal property and a family can keep up to $60,000 of personal property. The property the debtor owns is valued at resale (or garage sale) prices.

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