Starting The Debt Collection Process
So you provided the goods or services, and not been paid. What next?
In order to begin the procedure, the business to which money is owed must show each of the following
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Contract Litigation - Collecting Debts
Many businesses in today’s market are finding themselves endlessly waiting for payment from their clients. This all-too-common scenario results when customers refuse to pay for work that has already been completed. For service providers who find themselves tangled up in collecting money owed to them, legal help is available. If a customer has an obligation to pay you and has not done so despite your best attempt to remedy that situation, the firm of Pak & Moring can help. Our experienced attorneys understand the needs of small business. They can help guide you in the collection of debt, and assist in managing accounts receivable.
Arizona Foreclosure Timetable
Are you an Arizona homeowner who has been having trouble with your mortgage payments? Have you suddenly been faced with letters from your lender saying you are in default of your mortgage? If so, without a proper course of action, you may be in danger of losing your home. The following is a sequence of steps in the Arizona non-judicial foreclosure process: Read the rest of this entry »
Loan Modification
Are you a homeowner who is having trouble making your mortgage payments? Would you like to avoid foreclosure and stay in your home? If so, loan modification is a viable solution that should be explored. This process is the renegotiation of your mortgage loan in order to change the terms of your loan and enable you to afford monthly payment and avoid foreclosure. Some typical options are lowering your interest rate and extending the term of the loan. However, loan modification is only available to homeowners whose lender are willing to work with them based on hardships or financial issues that have ensued for said owners. This means that if you have experienced a loss of employment, death of a spouse, disability expenses, or sharply rising everyday expenses, the mortgage company would likely be willing to renegotiate the terms of your loan in order to keep you on track and help both parties avoid the foreclosure process. Do you think loan modification could be an option for you and your mortgage? If so, do not hesitate to contact Pak & Moring to discuss your situation, and see if their experienced firm can help you through this process.
Deed in Lieu
If a property owner does not qualify for the anti-deficiency laws under Arizona statutes, a deficiency judgment against the owner can sometimes be avoided by deeding the property back to the lender prior to foreclosure. This is known as a deed-in-lieu of foreclosure, and the homeowner is giving the property back to the lender in order to avoid foreclosure. By accepting the deed, the lender is agreeing to accept the property for the amount that the person owes, thus eliminating any potential deficiency. However, it is also important to mention that should a homeowner deed the property back to the lender, he or she may be taxed on the amount of the deficiency that was forgiven by the lender. Help navigating these intricacies may be provided by an experienced attorney. Contact Pak & Moring to discuss your situation and see if we can aid you in the nuances of this process.
Anti-Deficiency Statute
Homeowners who choose short sales as alternatives to foreclosure often wonder if they will be held responsible for the difference between the amount their house sold for and the amount owed on the mortgage. In most cases, the Arizona Anti-Deficiency Statute will protect homeowners from having to financially answer for the deficiency between the selling price and the amount owed on the mortgage. To further explain this process, the Pak & Moring law firm has published an article regarding this state-specific statute.
Foreclosures and Short Sales
Many homeowners are wondering whether a short sale is the right course of action for them in today’s market. This is the third article in a series of posts regarding Arizona foreclosure from the Pak & Moring law firm.
Trustee Sales in Arizona
In these market conditions, homeowners are faced with a multitude of options when it comes to the mortgage and foreclosure process. This is the second article in a series of posts on the Pak & Moring website dedicated to educating the public on real estate law topics beginning with the Arizona foreclosure process. Read the rest of this entry »
Arizona Foreclosures: An Introduction
Foreclosures
When you are no longer able to make payments on your home, your lender make take steps to take back the house as a way of recouping their loan. This is generally known as a foreclosure. There are different types of foreclosures, and each one will have a different impact on you, the homeowner. If you are facing foreclosure, contact Pak & Moring to discuss your situation, to see if we can help you through this process. Read the rest of this entry »