There are many excellent purchase opportunities in these communities, so if you are looking for just a summer retreat or an opulent cabin in the woods, give any of our agents a call for assistance.

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1. Arizona Neighborhood Stabilization Program for Arizona Homes and Arizona Foreclosures

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Arizona Foreclosure Changing Law as of September 2009

Arizona’s laws that prohibit deficiencies are found in Arizona Revised Statutes Sections 33-814.G and 33-729.A. These types of laws are also called “anti-deficiency legislation.”

ARS § 33-729.A states, “. . . if a mortgage is given to secure the payment of the balance of the purchase price, or to secure a loan to pay all or part of the purchase price, of a parcel of real property of two and one-half acres or less which is limited to and utilized for either a single one-family or single two-family dwelling, the lien of judgment in an action to foreclose such mortgage shall not extend to any other property of the judgment debtor, nor may general execution be issued against the judgment debtor to enforce such judgment, and if the proceeds of the mortgaged real property sold under special execution are insufficient to satisfy the judgment, the judgment may not otherwise be satisfied out of other property of the judgment debtor, notwithstanding any agreement to the contrary.

Old Law

ARS § 33-814.G before September 30, 2009, states, “If trust property of two and one-half acres or less which is limited to and utilized for either a single one-family or a single two-family dwelling is sold pursuant to the trustee’s power of sale, no action may be maintained to recover any difference between the amount obtained by sale and the amount of the indebtedness and any interest, costs and expenses.”

New Law

ARS § 33-814.G after September 30, 2009, states, “If trust property of two and one-half acres or less which is limited to and utilized for either a single one-family or a single two-family dwelling BY THE TRUSTOR UNDER THE DEED OF TRUST FOR AT LEAST SIX CONSECUTIVE MONTHS AND FOR WHICH A CERTIFICATE OF OCCUPANCY HAS BEEN ISSUED is sold pursuant to the trustee’s power of sale, no action may be maintained to recover any difference between the amount obtained by sale and the amount of the indebtedness and any interest, costs and expenses. THE TRUSTOR IS RESPONSIBLE FOR DEMONSTRATING THAT THE TRUST PROPERTY WAS USED BY THE TRUSTOR AS A ONE-FAMILY OR A SINGLE TWO-FAMILY DWELLING FOR AT LEAST SIX CONSECUTIVE MONTHS.

Click to view  Arizona Foreclosure.

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View our Arizona MLSListing Page.

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2. The Arizona MLS
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Neighborhood Stabilization Program (NSP) Information

On July 30, 2008, President Bush signed into law the Housing and Economic Recovery Act of 2008 (HERA) to address the severe housing crisis. Title III of the Act appropriates $3.92 billion of grant funds under the Neighborhood Stabilization Program (NSP) for states and local governments to purchase and redevelop abandoned or foreclosed properties. The HERA directed the United States Department of Housing and Urban Development (HUD) and the city of Phoenix to target funding to areas with the greatest needs based on the extent of foreclosures, sub-prime mortgages, and mortgage delinquencies and defaults.

As funding recipients, city, county and state agencies must develop their own programs and funding priorities. However, they must use at least 25 percent of the funds appropriated for the purchase and redevelopment of abandoned or foreclosed homes or residential properties that will be used to house individuals or families whose incomes do not exceed 50 percent of the area median income. In addition, all activities funded by NSP must benefit low- and moderate-income persons whose income does not exceed 120 percent of area median income.

The city of Phoenix has kicked off their first program, “Homeownership Assistance” assisting buyers of foreclosed homes, townhouses or condominiums with $15,000 in down payment and closing cost assistance. If you are interested in finding out how to purchase a foreclosed property using this program please see the information links in the box below “Buying a Foreclosed Property”. If you are a a real estate professional or a lender or a mortgage broker representing a foreclosed property, please see the information links in the box below “Information for Real Estate Professionals and Lenders”.

source:phoenix.gov

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Arizona has a website designed specifically to help homeowners with loan modifications and foreclosures. The site, http://www.azforeclosureprevention.org/ can help anyone understand and navigate through the process.

There is also information to help keep you from losing your home to a foreclosure or loan modification scam. The Attorney General recommends checking out the tips and suggestions in a “new” brochure: Avoiding Loan Modification and Foreclosure Scams.

If you know anyone who may be faced with foreclosure or the need to modify their loan, please recommend this site.

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1. Buyer Assistance With Phoenix Arizona New Homes Or Resales
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Homebuyers offered Homeownership Assistance

The city of Phoenix is now offering $15,000 in down payment and closing cost assistance to help potential home buyers qualify to purchase foreclosed single family homes, townhouses or condominiums.

The Neighborhood Stabilization Program (NSP) allows home buyers to repay the full amount of the loan to the city when the homebuyer sells the home or refinances.

You can learn more about this opportunity by calling 602-262-6602 or click HERE to visit the website. If you are looking to purchase and Arizona Phoenix home, you can also search the Phoenix MLS by clicking HERE .

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The fastest way to find Arizona new homes, land Arizona, foreclosures and more

Finding exactly what you’re looking for during this information age has become, in some ways more difficult because of the shear enormity of stuff. You have to sift through to get to what you want.

Real estate technology however, has taken a leap forward in the cut-to-the-chase race. There is now a mapping tool that lets you digitally fly over an area of interest to see where each listing is located. You can also specify search criteria, even to look only at foreclosures for example. Use your cursor to hover over a listing. The photo, price and address pops up. If you want more information, simply click on it again to see the full listing. A real time saver and VERY cool!

Click HERE to see an example of this new technology being utilized for Arizona MLS properties.

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1. Arizona Foreclosures By Zip
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Here are some options and resources for a homeowner in default.

Contact the Lender or a HUD-Approved Housing Counseling Agency
Although a common response to a problem making house payments is to ignore the lender, that is the worse course of action for a homeowner in default. The lender must be contacted as soon as possible.

* To find the lender’s contact information, check the loan billing statement, coupon book,or the list of lender contacts at www.hud.gov/offices/hsg/sfh/econ/smhlend.cfm.
* Ask for the lender’s loss mitigation department (or other department that handles negotiation of loans in default); explain the situation and find out if there are any loan workout options.

If the homeowner does not want to talk to the lender directly, contact a HUD-approved housing counseling agency, who can contact the lender on the homeowner’s behalf.

* To find HUD Approved Housing Counseling Agencies, go to www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm?webListAction=search&searchstate=AZ or call (800) 569-4287 or TDD (800) 877-8339.

These agencies include:

* AZ LawHelp: www.azlawhelp.org/viewresults.cfm?mc=3&sc=20
* Neighborhood Housing Services of Phoenix: www.nhsphoenix.org/
* NID-Housing Counseling Agency: www.nidonline.org/
* The HUD-approved National and Regional Housing Counseling Intermediaries also provides counseling resources: www.hud.gov/offices/hsg/sfh/hcc/nrhci.cfm

Information the Lender or Counselor Will Need
The lender or counselor will need a variety of information to determine the homeowner’s options, such

* Loan information
* Monthly income documentation (pay stubs, tax returns)
* Monthly expense documentation (utilities, child care, car payments, etc.

The lender may also require the homeowner to complete and return a loan workout package, which contains information, forms and instructions, before the lender will discuss the options.

Possible Loan Workout Options
There are a number of loan workout options available that will allow a homeowner to keep their home, such as:

* Reinstatement: Paying the total amount owed in a lump sum by a specific date in exchange for forbearance.
* Forbearance: An agreement to reduce or suspend payments for a short period of time.
* Repayment Plan: An agreement to resume making monthly payments with a portion of the past due payments each month until they are caught up.
* Loan Modification: An agreement to change the terms of the original loan to make the payments more affordable. For example, missed payments can be added to the existing loan balance, the interest rate may be modified or the loan term extended.
* Claim Advance/Partial Claim: If the loan is insured, the homeowner may qualify for an interest-free loan from the mortgage guarantor to bring the account current. If so, the homeowner will be required to sign a promissory note and a lien will be recorded against the home until the loan is paid in full.

The Option to Refinance with Another Lender
If the lender will not agree to a loan workout, the homeowner may be able to refinance the loan with another lender. For information about refinancing, go to

* NAR Home Financing Information: www.realtor.org/home_buyers_and_sellers/smart_home_financing.html
* Arizona Mortgage Advisory Council: www.azmortgageadvice.com/

Sale Options to Avoid Foreclosure
If a loan workout or refinance is not an option, the homeowner’s best course may be to sell the home. The lender may work with the homeowner to enable the homeowner to sell the home and avoid a foreclosure. The lender may agree to a sale on the following terms:

* Work Out Sale: An agreement not to foreclose for a specific amount of time to allow the home to be sold and the loan to be paid off.
* Short Sale: In a situation where there is more debt owing against a property than the property’s value, the lender may agree to allow the property to be sold for less than the loan amount and/or accept less than (or “short”) the amount owed as payment in full. There are tax implications and other issues to consider before entering into a short sale agreement. AAR has developed a short sale addendum to the Listing Agreement, www.aaronline.com/documents/SSAListing.pdf, and a Short Sale Addendum to the Residential Resale Real Estate Purchase Contract, www.aaronline.com/documents/SSARPC.pdf, to assist in a short sale transaction. For more information, see NAR’s Field Guide to Short Sales, www.realtor.org/libweb.nsf/pages/fg335
* Assumption: The lender may allow a buyer to assume the loan and purchase the property even if the loan is non-assumable.

Deed-in-lieu of Foreclosure
The lender may allow a homeowner to “give back” the property. This option may not be available if there are other liens recorded against the property. For more information, go to

* HUD FAQs: www.hud.gov/offices/hsg/sfh/nsc/faqdil.cfm
* HUD Requirements: www.hud.gov/offices/hsg/sfh/nsc/rep/dilfact.pdf

Be Aware of Predatory “Rescue” Scams
Homeowners worried about foreclosure may be susceptible to predatory “rescue” scams such as:

* Loans with high interest rates and unaffordable repayment terms
* Loan assumptions where the homeowner is not released from liability on the loan
* Offers to repay the loan or sell the property if the homeowner signs over the deed
* Counseling agencies that offer counseling for a fee when it is available at no cost.

Remember, if it sounds too good to be true, it probably is. Report suspected scams to the Department of Financial Institutions at fraudline@azdfi.gov .

The information contained above was compiled from the following sources:

* www.realtor.org/home_buyers_and_sellers/protect_your_home.html
* www.hud.gov/offices/hsg/sfh/econ/econ.cfm#1
*www.freddiemac.com/corporate/buyown/english/owning/avoid_foreclosure.html

Tips for Avoiding Foreclosure (HUD):www.hud.gov/foreclosure/index.cfm
The Foreclosure “Rescue” Racket (Business Week): www.businessweek.com/magazine/content/07_26/b4040041.htm
Credit Counseling & Debtor Education (US Department of Justice): www.usdoj.gov/ust/eo/bapcpa/ccde/
Landlord Tenant Assistance: www.az211.gov/index.php?option=content&task=view&id=64
Eviction or mortgage foreclosure assistance: www.housingaz.com/ShowPage.aspx?ID=29
Hope Now: www.hopenow.com
Neighbor Works America: www.nw.org/network/home.asp
Homeownership Preservation Foundation: www.995hope.org
My Money Management: www.MyMoneyManagement.net
AZ Law Help: www.azlawhelp.org

The foregoing is for informational purposes only and is not intended as definitive legal advice. You should not act upon this information without seeking independent legal counsel.

Reprinted with permission from AARonline.com, the website of the Arizona Association of REALTORS

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Foreclosures in Arizona are more abundant than ever. While this is true,there aren’t as many search tools to search for Arizona Foreclosures by zip. We found this really great sophisticated mapping system by Diverse Solutions that lets you search for Arizona foreclosures by zip.

It is really easy. All you do is go to http://awardrealty.com type the zip code in the search window at the top of the map, scroll down to “foreclosures” on the left side, and check it, and then go to the bottom and click “search”. It is that easy, and now you can browse Arizona foreclosures by zip!

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1. Peoria Arizona Foreclosure

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Peoria Arizona Foreclosures are becoming more abundant everyday. This is bad news for people living in and around these foreclosed homes, but good news for first time home buyers, or even second and third time home buyers.

Peoria is a great city located just North West of Phoenix off of the HWY 101.Peoria offers lots of outdoor recreation, shops, and restaurants.

Sometimes it can be difficult to search these Peoria Arizona Foreclosed homes, but Award Realty has come up with a way to make is simple for you.

You may view Peoria Arizona Foreclosures by clicking here.

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