This form is a sample letter in Word format covering the subject matter of the title of the form.
Judgment Against Property Foreclosure In Phoenix
Category:
State:
Multi-State
City:
Phoenix
Control #:
US-0025LTR
Format:
Word;
Rich Text
Instant download
Description
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FAQ
In Arizona, you can attach judgment liens only to real estate, meaning land, buildings, and other improvements. When you properly record an Arizona judgment (see below), the lien attaches to real estate the judgment debtor: presently owns, and. acquires later, as long as your judgment lien is still good.
Here are the California System 1 property exemptions: The Homestead Exemption protects up to $600,000 in your principal residence, which could be a home, boat, condo, or even a planned development. The Motor Vehicle Exemption protects up to $3,625 of equity in your car or other vehicle.
Arizona has a Homestead Exemption that protects a certain amount of equity in a person's principal residence from creditors. In Arizona, this amount is $150,000. This means that if the equity in your home is less than or equal to $150,000, you may be able to protect your home from creditors in a bankruptcy.
A judicial foreclosure begins when the lender files a lawsuit asking a court for an order allowing a foreclosure sale. If you don't respond with a written answer, the lender will automatically win the case. But if you choose to defend the foreclosure lawsuit, the court will review the evidence and determine the winner.
In Arizona, you can attach judgment liens only to real estate, meaning land, buildings, and other improvements. When you properly record an Arizona judgment (see below), the lien attaches to real estate the judgment debtor: presently owns, and. acquires later, as long as your judgment lien is still good.
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.
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).
Leases are no longer terminated by foreclosure. The "Protecting Tenants at Foreclosure Act of 2009" provides that leases survive a foreclosure -- meaning the tenant can stay at least until the end of the lease, and that month-to-month tenants are entitled to 90 days' notice before having to move out.
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.
Deeds in lieu of foreclosure are restricted in their use by the fact that the mortgagee takes the property subject to any items of record against the property, including any judgment liens, tax liens, or junior liens the borrower may have given third parties subsequent to its transaction with the lender.
