Foreclosures

In Arizona, foreclosure is typically non-judicial, meaning it happens outside the court system, making the process faster and less expensive for lenders. Here’s how it works:

Notice of Default (NOD) – If a borrower misses several mortgage payments, the lender sends a formal notice after 90 days.
Waiting Period – Arizona law requires a 90-day waiting period after the NOD, giving the borrower time to catch up on payments.
Notice of Trustee Sale – If the borrower doesn’t resolve the default, the lender publishes a notice for four consecutive weeks and sends it to the borrower.
Trustee Sale Auction – The property is auctioned off, usually at a courthouse or designated location, and awarded to the highest bidder.
Anti-Deficiency Laws – In some cases, lenders cannot pursue borrowers for remaining debt if the property sells for less than the loan balance.
Arizona also allows borrowers to reinstate their loan by paying past-due amounts up to five days before the trustee sale. If you need more details or legal advice, checking out resources like Nolo or Arizona Law Guide might help!