How home­own­ers can lose their homes

The Arizona Republic - - FROM THE FRONT PAGE -

There are three ways a home­owner can lose their home:

1. A lender, usu­ally a bank or mort­gage com­pany, can fore­close af­ter the owner stops mak­ing mort­gage pay­ments. This is the most com­mon type of foreclosure. Lenders can’t start foreclosure pro­ceed­ings un­til a bor­rower is at least three months be­hind on pay­ments.

2. Peo­ple can also lose their house if they don’t pay prop­erty taxes. An in­vestor can buy a house for as lit­tle as a few thou­sand dol­lars in back taxes. Th­ese homes are sold at sher­iff’s auc­tions.

3. HOAs can fore­close if a home­owner misses a year or $1,200 in monthly main­te­nance pay­ments, whichever comes first.

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