Arizona Home Foreclosure Information
Foreclosure laws and procedure in Arizona detail the means by which a lender may legally foreclose and resell the property of a delinquent mortgage or deed of trust borrower. According to the website United States Foreclosure Laws, the foreclosure process in Arizona can happen quickly, taking as little as 90 days from the day the lender files its first motion with the court.
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Judicial Foreclosure
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Judicial foreclosure in Arizona and other states across the country is the process by which your mortgage lender or holder of a deed of trust sues you in civil court to repossess your home. All that is required of your lender at a foreclosure hearing is to prove your delinquency regarding the mortgage. Once a right of repossession is granted by the court, your lender is required to sell your home to the highest bidder. If the sale of the home does not net enough money to repay all of your original home loan, the lender may sue you to recover the difference.
Power of Sale Foreclosure
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Power of sale or non-judicial foreclosure is legal in the state of Arizona. This version of foreclosure may be used by your lender if a power of sale clause exists in your mortgage or deed of trust. This clause allows your lender to sell your home without the need of a court order if you are delinquent in your mortgage payments. If such a clause exists in your mortgage, you have very little legal recourse if you fall behind in payments to stop the foreclosure process.
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Power of Sale Procedures
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A trustee representing your lender is required to record a notice of sale of your property with the Arizona recorder's office in the county where the home is located. You are required to receive a copy of this notice within five days of its filing. Your home is then advertised for public auction for a minimum of four weeks with the last notice of sale being published not more than 10 days prior to the actual date of sale. The home is then auctioned to the highest bidder in a similar manner as a judicial foreclosure.
Right of Redemption
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In Arizona, the former home owner has no rights of redemption regarding the foreclosed property. This means, the moment the gavel drops on the public auction of his home, the former homeowner has no legal means of returning the property to his possession. If the former homeowner is able to pay his delinquency plus fees and applicable interest prior to auction, however, he may be able to stop the foreclosure process and retain possession of the property.
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