Foreclosure is the procedure by which a party who has loaned money secured by a mortgage or deed of trust on real property (or has an unpaid judgment), forces the sale of the real property to recover the money due, unpaid interest, plus the costs of foreclosure, after the debtor fails to make payment.
In most cases, a wrongful foreclosure action alleges that the amount stated as due and owing in the notice of default is incorrect for one or more of the following reasons: an incorrect interest rate adjustment, incorrect tax escrow collected, misapplied payments, or a forbearance agreement which was not adhered to by the servicer, Wrongful foreclosure actions are also brought when the servicers accept partial payments after initiation of the wrongful foreclosure process, then continue with the foreclosure.
Title: Arizona Instruction to Jury Regarding Damages for Wrongful Foreclosure: A Comprehensive Overview Introduction: In cases of wrongful foreclosure, the instruction to the jury regarding damages plays a crucial role in ensuring fair compensation for the affected party. This detailed description will provide an in-depth analysis of the various types of Arizona instructions given to the jury regarding damages for wrongful foreclosure. 1. General Instruction: The general Arizona instruction to the jury regarding damages for wrongful foreclosure sets the foundation for understanding the compensation process. It outlines the basic principles to be considered when determining the damages owed to the plaintiff. 2. Compensatory Damages Instruction: This type of instruction instructs the jury on how to calculate compensatory damages for wrongful foreclosure. It covers the calculation of actual financial losses suffered by the plaintiffs, including lost equity, damages to credit, emotional distress, and any other tangible or intangible harm caused by the wrongful foreclosure. 3. Punitive Damages Instruction: In certain cases, the jury may be given an instruction regarding punitive damages. Punitive damages are meant to punish the defendant and deter similar wrongdoing in the future. This instruction guides the jury on when and how punitive damages may be awarded in wrongful foreclosure cases. 4. Instruction on Mitigating Damages: This instruction emphasizes the concept of "mitigating damages," which requires the plaintiff to take reasonable actions to minimize their losses following wrongful foreclosure. It advises the jury on how the plaintiff's conduct post-foreclosure impacts the calculation of damages. 5. Instruction on Calculation of Interest: Where applicable, this instruction clarifies the calculation of interest on the awarded damages. It provides guidelines to the jury on how to determine the appropriate interest rate and the timeframe for accruing interest. 6. Special Damages Instruction: Special damages instruction outlines specific types of damages that may be awarded in unique circumstances. These damages could include attorney fees, additional costs incurred as a result of the wrongful foreclosure, and any other damages that are proven to be directly caused by the defendant's actions. 7. Instruction on Collateral Estoppel Effect: This instruction educates the jury about the collateral estoppel effect, which prohibits relitigating issues that have already been decided in previous legal proceedings. It helps the jury understand the impact of prior rulings and judgments on the determination of damages in a wrongful foreclosure case. Conclusion: The Arizona instruction to the jury regarding damages for wrongful foreclosure encompasses a range of crucial guidelines that shape the compensation process. From compensatory and punitive damages to mitigation, special damages, and collateral estoppel, these instructions ensure a fair and comprehensive assessment of the damages owed to the plaintiff in cases of wrongful foreclosure.
