Home InSIGHT - Karen Warren's Blog

10,635 struggling homeowners are set to receive a notice of trustee sale in March.  Homeowners that are at least 90 days late on their mortgage payments will be informed that they have 90 days to bring their account current or face having their home sold out from under them.

According to an article in the Arizona Republic (April 2, 2009) some banks had been waiting to learn more about the new government loan program, “Making Home Affordable”, to determine which homeowners actually qualify.  With that information in hand, banks are moving forward with the pre-foreclosure process.

Ways to avoid foreclosure include loan modification and short sales in Arizona.  A deed in lieu of foreclosure is another option, with the homeowner surrendering their home to the lender, but banks are less open to this option given the record levels of bank-owned properties.

For more information on avoiding foreclosure and your options, visit www.noforeclosureforus.com