Arizona Foreclosure Laws

The great state of Arizona offers both Judicial and Non-Judicial foreclosure as options for the lenders. The state recognizes the traditional Mortgage and the Deed of Trust.

A typical foreclosure proceeding in this state takes an average of 90 days to complete from start to finish. The state offers no right of redemption for the person that is being foreclosed upon so they have no legal right to repurchase any of the property that they arte losing in the foreclosure proceedings.

Also the right for the foreclosure lender to get a Deficiency Judgement varies from case to case. Plainly stated, a Deficiency Judgement is a legal ruling that puts a personal judgment against the borrower for the remaining balance on the loan after a foreclosure sale. In short that means the person being foreclosed upon is also liable for any amount outstanding on the mortgage that is not covered by the foreclosure sale.

There is a Power of Sale Foreclosure procedure that is in effect in the state of Arizona. This clause details the time, place and the exact terms of sale for the foreclosed property and these procedures must be followed.

The trustee must record a notice of sale in the office of the recorder of the county where the property is located. Within five days after the notice is recorded, the trustee must mail a copy of the notice of sale to each of the people who are parties to the trust deed. The notice must also appear in a newspaper in the county where the property is located once a week for four successive weeks, with the last notice being published not less than ten days prior to the date of the sale.

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