Arizona Foreclosure
Both judicial and non judicial Arizona foreclosures are available. As is usual deed of trust or mortgage is the instrument of security but there is no right of redemption for the defaulter. Judicial foreclosure is when there is no power of sale clause in the instrument of security. Court allows auctioning the home to the highest bidder. In the non-judicial process borrower pre authorizes lender to sell the property in case he defaults on payments and to recover the balance on the loan. The power of sale guidelines stipulates the obligations of the lender about notice, mailing to the defaulter and advertising. The auction is for cash to in favor of the highest bidder. Bidder pays the full amount by 5 O’ clock in the evening the following day of the sale. Deficiency Suits are not applicable in case of the property being 2.5 acres or less and owned by a single family or two families even if the sale proceed is insufficient to cover the over due payments.
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