How long does the Arizona Foreclosure Process Take?
Welcome back for Part 2 of the pre-foreclosure process good people of Arizona and I know that you are excited to find out more and Cash Now Homes is here to fill in the gaps so you are well aware of how long the pre-foreclosure process takes in this wonderful state of Arizona that we call home and I’m ready to roll out the knowledge so let’s get started.
In Part 1 we left off that the homeowner goes into default status whereas the lender can legally begin the foreclosure process on your home from Day 1 once your mortgage payment is considered late but once again without sounding redundant, this does not happen too often because it takes time albeit a few months for you to miss a few mortgage payments before the actual foreclosure process even begins which boils down to dollars and cents for the lender as they want your hard earned cash and not your house which they consider an absolute and unneeded burden and not the line of business that they are in.
As I stated in Part 1, be absolutely prepared for the annoying and ultimately stressful phone calls that will begin once you are late on your mortgage payments and that good people of Arizona is what we are trying to understand and that is how to get out of pre-foreclosure in Metro Phoenix and beyond and ultimately not only avoid it but understand all the technical nuances and or details in a simple and straightforward manner so you know what to expect.
Let’s say that (theoretically) 1 day to 12 months have passed and that the Metro Phoenix homeowner is late on payment so what happens next? At this point a Notice of Trustee Sale is filed and recorded and that is where that dreaded word known to the good people of Arizona and defined as “Foreclosure” starts. Yikes!
Well who actually files this George? Glad you asked and it’s the “Lender” of course who appoints a “Trustee” who in turn files a notice known as a Trustee’s Sale. Oh my this is getting confusing so let’s make it simple because semantics aside, it is just a legal notice that your (theoretically of course) home will be sold no sooner than 90 days from the date it was recorded or recording date if you will.
What next you ask? Well, this notice has to be mailed to the homeowner within five days of the date recorded. Although, until the Trustee Sale is held and you as the homeowner still own your home and you’re still very much responsible for the property that is being foreclosed on. Whew! That was a mouthful and hopefully (I’m sure you are) all are still with me so let’s keep rolling towards the proverbial finish line.
Let’s say at this point, a minimum of 90 days have passed and this is considered to be your last chance as the homeowner to make your mortgage loan current. So what is it that you need to do to make this actually happen? Good question as always good people of Arizona and this means that you have to bring your mortgage loan current including those dreaded late fees to include foreclosures fees before the actual Trustee Sale. Imagine that? It’s too painful to go through and just writing about it gives me a headache just thinking of the hassle to actually have to experience this financial nightmare but never fear, Cash Now Homes is here to provide the needed assistance through this incredibly painful process so all you have to do is contact us and we will be here for you.
At this point in time, we have reached the Trustee Sale stage which is often referred to as “The Auction” which is held and now bidders (they want your home at a cheap price) are required to place a deposit and the winning bidder pays the balance by close of business the next day. Furthermore, the lender can bid as well or if no one bids on the property (or the minimum is not actually met) then the home goes back to the lender and then becomes what is known as a Real Estate Owned (REO) property and eventually goes on the open market for sale and that is a whole different topic altogether that I will at some point in time write about as well.
So what do we have left on the agenda for this article? Well at this point the Trustee Deed has been issued and the property has been transferred and there is no redemption period at all. Hopefully you found this information useful and once again, if you are in need of assistance, please reach out to Cash Now Homes as we are here to help you when you need us most and we look forward to you coming back to our blog for more up to date information as I will continue to share my real estate knowledge and experiences for Metro Phoenix and beyond.
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