Arizona's Rights of Redemption Laws
For some Arizona homeowners, a foreclosure sale does not necessarily mean the home is gone for good. If you are eligible to redeem the property and can gather adequate funding within the redemption period, you can regain ownership of the home. It is important for Arizona homeowners facing foreclosure to understand the redemption laws and their rights.
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Right of Redemption Eligibility
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Under Arizona foreclosure law, the right of redemption is only available when the home is foreclosed judicially, or through the court system. The homeowner also must not have abandoned the property. The property must be the homeowner's primary residency. If both requirements are met, the owner has six months from the sale date to redeem the property.
Nonjudicial Foreclosures
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There is no right of redemption in a nonjudicial, or out-of-court, foreclosure. A nonjudicial foreclosure sale occurs if a clause in the mortgage paperwork allows the lender to sell the property if the homeowner defaults. You have until 5 p.m. the day before the sale to stop the foreclosure by paying the default amount, fees and any other associated costs.
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Redemption Price
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The price to redeem a home in Arizona is equal to the entire balance remaining on the loan plus additional fees and costs. The fees and costs include interest, attorney's fees, court fees and any other expenses incurred during the foreclosure and redemption period. If the home is not redeemed by the homeowner within six months, the sheriff transfers ownership to the highest bidder.
How to Redeem
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If you would like to redeem your home, file a Notice of Intent to Redeem at the local courthouse. You will need to provide proof of funds equal to the redemption price. The notice must be filed several days before the redemption period ends. The entire balance must be paid before the final day of the redemption period.
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