What are the two primary categories of foreclosure?

There are two types of foreclosure: judicial foreclosures, which require a court order, and non-judicial foreclosures, which do not. In judicial foreclosures, the mortgagee must go to court and prove that it owns the mortgage and has the right to foreclose on it.

How long does a foreclosure take in AZ?

between 90 and 120 days
How Long Does the Typical Foreclosure Process Take in Arizona? 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.

How to recover excess proceeds from a foreclosure in Arizona?

Recovering Excess Proceeds After Foreclosure of Your Home In Arizona, a home is typically foreclosed through a process known as a Trustee Sale. A Trustee’s Sale is when an individual or firm (the Trustee) holds an auction to sell the home in an attempt to recover the balance owed to the foreclosing lender.

Where can a foreclosure sale be held in Arizona?

The foreclosure sale can be held at the property, at the county courthouse in which the property is located or at the trustee’s place of business. Foreclosure sales must occur between 9:00 a.m. and 5:00 p.m. and can be held on any day except for Saturday, Sunday or a legal holiday.

What was the Arizona Supreme Court decision on foreclosure?

Important Decision: In re Krohn (the Sweetheart decision), 203 Ariz. 205, 52 P.3rd 774 (2002) (the Arizona Supreme Court held that a non-judicial trustee’s sale may be set aside if the price bid is grossly inadequate. Payment of the Bid Price.

Is there a 90 day foreclosure notice in Arizona?

Statutory 90-Day Notice Period. The foreclosure cannot occur earlier than on the 91st day after recording the Notice of Sale. Demand Letter. A demand letter is not statutorily required. The lender must, however, fulfill any contractual notice requirements included in the loan documents.