Foreclosure Laws in Arizona

By: Kathy Swift

Arizona, is both a judicial and non- judicial state.? If the mortgage company uses the judicial system, the mortgager has the right of redemption up to 189 days.? That means he/she can come back and redeem their property if they can come up with the total + cost + fees.

Court foreclosures start at the time a lender files in court for foreclosure and records (Lis Pendens) a notice of a pending lawsuit.? It includes both the debt and the default amount.? Notification to the borrower and any other lien holders can take place by; publication or in person.? If no response is taken, the court can ask the amount due to the lender.? The county sheriff may conduct a sale to recover the amount owed.

The non-judicial way happens if there is a clause in the trust deed that allows the mortgage company to sell the property to redeem the money owed.

To begin the foreclosure process, the trustee records a notice of sale, this sale occurs at least 3 months after the notice is recorded.

The mortgage holder or any junior lien holder can stop the foreclosure by paying the costs, fee's and default amount up until 5:00 pm the day before.

Court foreclosure proceedings, are conducted by the sheriff, and called a sheriff sale.? The bid must be paid by 5:00 pm the next day, to the sheriff.

???????? Foreclosure:? This is the time after an official notice has been given to the mortgage holder from the bank's lawyer (a trustee).? An average of 90 days. This is the time frame that the bank moves more aggressively toward the sale of the property.? During this time, the homeowner can still stop the sale, by paying back payments and fees.

Integrity 1st Consulting is your specialist- Kathy Swift

Foreclosures
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