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In Arizona, lenders may foreclose on deeds of trusts or mortgages in default using either a judicial or non-judicial foreclosure process. We are very knowledgeable with the foreclosure process. We are also knowledgeable with the forfeiture of Agreements for Sale (“Contracts for Deed”). Our attorneys work closely with title companies to ensure that at the end of
the foreclosure or forfeiture process there is clear title so that the property can be immediately sold or refinanced. Chelsea and Holly, I wanted to take a moment and thank both
of you again for your incredible work. Chelsea, you are a rock star! Holly, you are also a rock star in my book. I couldn't be more proud to have you represent us. Your craft was awesome to watch and I can't express how grateful I am for what you have done. A jury trial can go either way. However, your presentation skills were truly mesmerizing. You had the jury in your hand from your brilliant opening all the way through to your outstanding closing statement. You had a plan and executed it like
a boss. Absolutely amazing! Thank you! Last updated February 08, 2021 In short, yes. Arizona law allows the borrower a set amount of time after the foreclosure sale to redeem the property if the property foreclosure occurred through the judicial system and the borrower did not abandon the property before the foreclosure. If you meet these conditions, then you have six months from the date of the foreclosure sale to pay all outstanding loan amounts, fees, and costs to redeem the property. However, if the foreclosure occurs out of court, in a nonjudicial foreclosure, then you do not have the right to redeem the property. What Is a Redemption Period?A redemption period refers to the window of time in which a borrower can reclaim their foreclosed property by paying off what they owe on the loan and any other delinquent debt attached under the loan agreement. In Arizona, only properties that went through the judicial foreclosure process are eligible for a redemption period. Before and After the Foreclosure SalePrior to a foreclosure sale, you’ll have the chance to reinstate the mortgage by paying off all missed payments, interest, and fees. This effectively ends foreclosure proceedings, at least for the time being. After a foreclosure sale takes place, things might get a little more difficult. For a nonjudicial foreclosure, you won’t have an opportunity to redeem the property — the sale is considered final. If the foreclosure went through the courts, however (a judicial foreclosure), you have six months to pay all amounts you owe to redeem the lending agreement. If you abandoned the property, this redemption period shrinks to just 30 days after the sale date. Reinstatement vs. RedemptionMany people confuse reinstatement of a loan with redemption. Reinstatement refers to paying off late debt only, while redemption of a loan requires payment of the principal in full, in addition to all delinquent debt. That means you don’t just have to catch up on late payments; you must pay your mortgage in full. To redeem your foreclosed property, you’ll need to pay the buyers in full plus 8% interest, plus any taxes or assessment fees attached to the property. Redemption can be a much more difficult and costly process as opposed to reinstatement, so when facing foreclosure, it’s important to consult an experienced attorney as early as possible. Foreclosure Process in ArizonaMost foreclosures are nonjudicial and do not involve the courts. In these cases, a 90-day notice period begins as soon as the lender informs the borrower that the foreclosure process is beginning via a Notice of Sale. While a demand letter is not legally required, your lender may send this document after you’ve missed a couple of payments, if not sooner. The lender will also send a Statement of Breach with the Notice of Sale by certified mail. This might occur twice, within a five-day period as well as a 30-day period, though they can send the letters at the same time. The sale of the foreclosed property is advertised in the local newspaper, at the courthouse, and at the foreclosed property for four weeks. The sale can proceed when all the documentation has been filed, all the parties have been notified, and all the procedures have been followed. The borrower has until 5 p.m. of the business day preceding the sale to reinstate the loan. Following the foreclosure sale, a redemption period may or may not apply. Can You Stop a Foreclosure?You can stop foreclosure in Arizona by reinstating the loan (that is, paying all outstanding debt and resuming the mortgage schedule as initially laid out) during the earliest days of the process. You can also file bankruptcy and freeze foreclosure proceedings for a period of time, giving you time to either collect the assets necessary to restructure your debts or find an attorney to contest the foreclosure. How long does it take to foreclose on a house in Arizona?How Long Does the Typical Foreclosure Process Take in Arizona? Arizona lenders typically need between 90 and 120 days to foreclose on a property in a non judicial foreclosure process that is uncontested by the borrower.
Which type of foreclosure is permitted in the state of Arizona?In Arizona, there are two types of foreclosure: Judicial and Non-Judicial/Trustee Sale. A judicial foreclosure, is a foreclosure by court action, similar to other common civil actions where one party sues another (i.e. bank files a lawsuit against the homeowner). (A.R.S. § 33-721).
How do you foreclose on a deed of trust in Arizona?Foreclosure Process on a Deed of Trust in Arizona
The lender can issue a 90-day notice of the sale of the property and the borrower must pay back the entire amount owed, or the home will be put up for sale, without the need to go to court.
How can I stop foreclosure in Arizona?How Can I Stop a Foreclosure in Arizona? A few potential ways to stop a foreclosure include reinstating the loan, redeeming the property before or after the sale, or filing for bankruptcy. (Of course, if you're able to work out a loss mitigation option, like a loan modification, that will also stop a foreclosure.)
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In Arizona when foreclosing on a house bought under an agreement for sale the process
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