Phoenix Foreclosures

Change in Arizona Trustee Sale Law You Need to Know

July 18, 2010

The new Arizona Foreclosure law, House Bill 2626, applies to lenders using the trustee sale to recover the house given as collateral for the loan.  The law takes effect on July 30, 2010.  Lenders holding first lien deeds of trust recorded from January 1, 2003 to December 31, 2008 will be required to attempt to contact borrowers [...]

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Will My Lender Sue Me For the Deficiency after Foreclosure?

July 10, 2010

Arizona is a non-recourse mortgage state. Borrowers are not held personally liable for more than the value of the home when a loan is not repaid. The lender may recoup some of its loss through foreclosure. However, the lender may not sue the borrower for additional funds if the foreclosure sale does not satisfy the [...]

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When Can I purchase A Home Again After Foreclosure?

July 1, 2010

  Please note that the following are FNMA guidelines. How long is the time period after a foreclosure before a consumer can be eligible to obtain credit to purchase a home? Five years from the date the foreclosure sale was completed. Additional requirements that apply after 5 years and up to 7 years following the [...]

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What is a Trustee Sale Notice?

June 27, 2010

THE TRUSTEE SALE/FORECLOSURE NOTICE: If you do default on your loan, then your lender has the right to file a trustee’s sale. The notice of trustee’s sale is recorded with the County Recorder’s office. The notice is sent to the owner and also posted on the door and in the newspaper. It is a common [...]

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