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Foreclosure Survival Guide

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Foreclosure Survival Guide (1st Edition)


Arizona
Topic State Rule
Common types of foreclosure process Nonjudicial: under power of sale in deed of trust

 

Judicial: for mortgages, or if the trustee under a deed of trust chooses it
Time to respond Judicial: Homeowner is entitled to at least 20 days’ notice before lender records a notice to forfeit, and longer by the following amounts based on how much of the loan you’ve paid back, counting both the down payment and principal payments:
  • if you’ve paid less than 20% of the purchase price, 30 days
  • if you’ve paid 20% to 30% of the purchase price, 60 days
  • if you’ve paid 30% to 50% of the purchase price, 120 days
  • if you’ve paid 50% or more of the purchase price, nine months.
   At least 20 to 30 days after the notice of forfeiture has been recorded, the foreclosing party can file a foreclosure lawsuit; the homeowner will have 20 to 30 days to respond.

 

Nonjudicial: Foreclosing party must record a notice of sale at least 90 days before sale and must mail it by certified mail to homeowner within five business days after recording.
Reinstatement of loan before sale Nonjudicial: allowed until last day before sale date

 

Judicial: allowed any time before complaint filed
Redemption after sale Nonjudicial: not available

 

Judicial: allowed up to six months after sale if property isn’t abandoned and isn’t agricultural land
Special protections for foreclosures involving high-cost mortgages None
Special state protections for service members Ariz. Rev. Stat. Ann. § 6-1260(L)
Deficiency judgments Not allowed in nonjudicial foreclosures for property up to 2½ acres or single- or two-family residence. For other properties, allowed if lawsuit is filed within 90 days of foreclosure sale.
Cash exempted in bankruptcy $150
Notice to leave after house is sold New owner must demand that former owner leave. The law does not specify a time for former owner to leave. If former owner doesn’t leave, new owner may go to court for a writ of possession.
Foreclosure statutes Ariz. Rev. Stat. §§ 33-741 to 33-749, 33-801 to 33-821, 12-1281 to 12-1283, 12-1566