What are the foreclosure laws in Arizona?

In Arizona, the trustee starts the foreclosure process by the recording of a notice of sale in the county recorder's office. The notice must include the date, time, and place of the sale. The sale date can't be sooner than the 91st day after the notice of sale's recording date.

What might prevent an Arizona lender from accepting a borrower's deed in lieu of foreclosure?

If the borrower's outstanding debt exceeds the property's current market value, the lender may refuse to proceed with a deed in lieu of foreclosure.

What is the foreclosure process in Arizona?

In Arizona, the trustee starts the foreclosure process by the recording of a notice of sale in the county recorder's office. The notice must include the date, time, and place of the sale. The sale date can't be sooner than the 91st day after the notice of sale's recording date.

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Sample Letter for Payoff of Loan held by Mortgage Company

Sample Loan Payoff Letter Template Foreclosure In Phoenix

Q: What might prevent an Arizona lender from accepting a borrower&#039;s deed in lieu of foreclosure?

If the borrower&#039;s outstanding debt exceeds the property&#039;s current market value, the lender may refuse to proceed with a deed in lieu of foreclosure.

Category:

Letters - Loans and Lending - Mortgages Payoff

State:

Multi-State

City:

Phoenix

Control #:

US-0019LTR

Format:

Instant download

Description

The Sample Loan Payoff Letter template for foreclosure in Phoenix is designed to facilitate communication regarding the outstanding loan balance for a property undergoing foreclosure. This template serves as a formal request to inquire about the status of a loan payoff, making it essential for attorneys, paralegals, and legal assistants involved in foreclosure proceedings. Key features include space for the recipient's contact information and details regarding the loan payoff amount, including any accrued interest and escrow details. Users can easily adapt the template to fit their specific circumstances by filling in pertinent information, such as dates and amounts. The letter's clear structure aids in effectively conveying the request without legal jargon, making it accessible for individuals with varying levels of legal experience. It emphasizes the importance of timely communication to avoid further complications in the foreclosure context. This template is particularly useful for legal professionals tasked with managing client relationships and ensuring compliance with legal obligations in foreclosure cases.

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FAQ

Answer: After a judicial foreclosure in Arizona, the debtor or his successors in interest ordinarily may redeem at any time at any time within six months after the date of the sale (A.R.S. 33-12-1282).

Notice of a Nonjudicial Foreclosure To officially start a nonjudicial foreclosure in Arizona, the trustee records a notice of sale in the land records. The sale date can't be any sooner than 91 days after the date the trustee records the notice. (Ariz.

In Arizona, the trustee starts the foreclosure process by the recording of a notice of sale in the county recorder's office. The notice must include the date, time, and place of the sale. The sale date can't be sooner than the 91st day after the notice of sale's recording date.

Arizona lenders typically need between 90 and 120 days to foreclose on a property in a non judicial foreclosure process that is uncontested by the borrower.

If the borrower's outstanding debt exceeds the property's current market value, the lender may refuse to proceed with a deed in lieu of foreclosure.

The sale must take place between 9 a.m. and 5 p.m. on the date listed on the notice, which cannot be a Saturday or a legal holiday. The property is sold to the highest bidder who must make payment at the end of the auction.