No problem and thanks for the welcome!!

On a personal note, if anyone knows of a good poker home game (not at the casino) I would love to join in!

DaybyDay

I am not a mortgage or foreclosure person, but here is a link for quick facts regarding Arizona Foreclosure Law.   http://www.foreclosurelaw.org/Arizona_Foreclosure_Law.htm

Basically (from working with lenders) it depends on the lender, the mortgage contract, the circumstances, and the communication to the lender by the property owner. 

In most cases the lender or mortgage service provider (who you send the mtg pymts to) will try to get the property owner current on payments if only 1 or 2 months behind.

If the situations gets to 3 months behind and the lender determines the property owner cannot or is unwilling to get current, or no other solution can be worked out or agreed upon (refi, restructure, pay off, etc), or lack of communication with the owner, they will foreclose.

During any time prior to the auction date the property owner can sell the property by means of a short sale.  However, the lender (or successor trustee) has to agree, and can accept or reject any short sale offer.  If it does not sell as a short sale, then it goes to auction.

Again it depends on the lender, amount of the mortgage, value of the property, property owner, and also if there is a 2nd lien holder or mortgage involved.

Just a quick point...  NOW the banks are working with people due to the amount of foreclosures which are there because banks weren't working with people. Go figure....

One of my favorite quotes: "Good judgment comes from experience. Experience comes from bad judgment" - Jim H.

I have zero pity for people bought too big a house on some 'exotic mortgage'.  I hope you all get your houses foreclosed.  You people have to learn the lesson that you should live within your means.

I don't think the government or anyone else should bail you out as you got yourself into your this.  Unless they want to help all of the people who DIDN'T over extend themseves, like you morons.

Suck it up and welcome to renting.

RichTig ... Get with the program! 

In an "Entitlement Generation", borrowers are entitled to no-documentation, creative loans and lenders are entitled to make these stupid loans.  When the market goes south, borrowers and lenders are entitled to a government bailout and taxpayers are entitled to pay for it!  

See how easily situations like these can be worked out when everyone is entitled to something!   

I feel so stupid for buying a house at a great price that I can afford with a fixed 30 yr mortgage.  How fiscally stupid of me!

I should have bought a 4100 sq ft house at interest only, then refi it and take out the imaginary value (squander that money on new cars or vacations) , so that I am upside down 200k.

Then beg the government for a handout because I was tricked by my lender.

Live and learn.

I have not read ahead. So, if foreclosed does one have wages garnished? What is the responsibility of the homeowner? Do they get to "just walk away?"