Arizona Foreclosure Laws

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Services for Real Estate Pros with Mitigation Online Consultants

Facing the daunting prospect of a foreclosure is difficult and complex, it is vital to be made aware of your state's laws and guidelines to avoid unsavory aspects.  Following is a list of information for those who live in Arizona; other states can be researched on our website as well.

Quick Reference:

 

· Judicial Foreclosure available:  Yes

· Non-Judicial Foreclosure available:  Yes

· Primary Security Instruments:  Mortgage, Deed of Trust

· Timeline:  Typically 90 days

· Right of Redemption:  None

• Deficiency Judgments Allowed:  Varies by process

 

In the state of Arizona, lenders can foreclose on deeds of trusts or mortgages in default using judicial or non-judicial foreclosure processes.  It is important to note that a judicial foreclosure involves the filing of a lawsuit to obtain a court order to foreclose, wherein property is auctioned off to the highest bidder.

In the event of a non-judicial foreclosure, a power of sale clause exists within the mortgage or deed of trust in default wherein the borrower has pre-authorized the sale of the property in the event of default. 
Most states have specific power of sale foreclosure guidelines, for more on the state of Alaska's foreclosure proceedings please visit:  http://www.mitigationonlineconsultants.com today.  Mitigation Online Consultants are experts in the field of foreclosure prevention and loan modifications.

 A note regarding Deficiency Suits: A lender may not bring a deficiency suit against a person who lost a property that is 2.5 acres or less at a foreclosure, provided the property was a single one-family or a single two-family dwelling. This is so even if the high bid at foreclosure was less that the balance due on the loan. However, in foreclosures against other types of property, a deficiency suit is allowed, but is limited to the difference between the balance owed and the fair market value of the property, and then only if the suit is brought within ninety (90) days of the power of sale foreclosure.

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