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Joe Zaky
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Trouble Making Payments?
Alternatives to Foreclosure 

Delinquency And Foreclosure

 

What happens if I do not make my payment by the due date?

The loan servicer expects to receive your payment by the due date. If the servicer has not received your
payment by that date, the loan is considered to be delinquent. You can find the due date in the promissory
note and also in the monthly statement that the servicer sends to you.

Will the servicer call me to collect my past due payment?

The Collections Department may contact you to start the collection process. The Collections Department is
a division of loan servicer that is responsible for obtaining and applying payments due on mortgage loan.
Generally, they will try to make contact with you before the payment is 30 days late.

What happens if I can’t make my payments as agreed?

If the Collections Department is not able to collect the full payment or make acceptable payment
arrangements with you, your account may be referred to the LOSS MITIGATION DEPARTMENT. Loss
Mitigation is a division of the loan servicer that will work with you to establish an acceptable plan to get you back on track with your mortgage payments. You will begin to receive letters requesting that you call them. This is the period where you may have other options available to you. A good time to contact your real estate agent to help educate you as to what your options are prior to getting into a negotiation. Loss Mitigation representatives will make many attempts to contact you. Most likely, you will be asked to submit a request for assistance. The request, may include, but not be limited to, a letter explaining your situation (also called a hardship letter), an income and expense statement and evidence
of current income.

When can the foreclosure process begin?

While lenders and servicers will try to contact the homeowner to try to bring the loan current, the foreclosure process can start at any time after default. There are a number of steps that the servicer/lender must take including; Notice of Default, filing of legal action, public notices, waiting period, court approval of foreclosure, a trustee sale date is scheduled to sell the home to the highest bidder. 

How long will the foreclosure process take? 

The process will move fairly quickly in Arizona, generally 4-5 months, there are specific time frames a servicer/lender must adhere to. Although it depends on your servicer/lender's aggressiveness in its pursuit.  

Can the process be suspended? 

Every situation is different. Different borrowers positions and different servicer/lender positions. We have been successful in postponing/halting some foreclosures in our pursuit of alternative "work-out" options. 



IMPORTANT NOTICE: Long Realty Company is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit rating. Homeowner acknowledges that Broker/Agent is not qualified to provide financial, legal, or tax advice. Therefore, the Seller is advised to obtain professional tax advice and consult independent legal counsel immediately regarding the tax implications and advisability of entering into a short sale agreement. Long Realty Company does not charge an additional fee orcommission for its Mortgage Assistance Relief services. However, upon the successful sale of your property a commission will be paid to Long Realty Company per the terms of your Listing Agreement.