Let's examine the basics of the foreclosure process and what can be done if you received a Notice of Default. This is aimed at Arizona and the applicable laws as I am a licensed agent in Arizona so it is what I know best. The laws of your state may vary.
Basic disclosure; I am not an attorney nor do I pretend to be one. Every attempt had been made to ensure accurate information but individual situations may not apply. You should consult with an attorney for legal advice. Whew, got that out of the way, let's proceed.
Arizona Foreclosure
Once your mortgage payments become late, the lender can begin the foreclosure process. They must appoint a trustee who will have the legal right to sell your property at a trustee's sale. The trustee will file paperwork with the county recorder. This will be a 'Notice of Trustee's sale'. This will be notice that your property will be sold no sooner then 90 days from filing (recording).
This Notice of Trustee's Sale (also known as a Notice of Default of NOD) must be mailed to the homeowner within five days of recording. It will also be published in the newspaper once each week for four weeks. This information becomes part of the public record. Once it is recorded, the homeowner can anticipate being bombarded with calls, letters and strangers arriving at their doorstep offering to help. Use caution with dealing with these individuals. Yes, there are great people who are actually trying to assist you but there are just as many who are trying to take advantage of your difficult situation.
During the 90 days you have the opportunity to bring your loan current and have it reinstated or sell the property. As I have stated many times, the lender DOES NOT WANT YOUR HOME. They just want to be paid. As much as you want to ignore this situation it will only get worse if you do nothing. See my post on Foreclosure Help.
If you are not able to reinstate your loan, the sale will proceed as stated in the Notice of Trustee's sale. The highest bidder has until 5:00 p.m. the next day to pay in full. When this occurs, title is conveyed to the winning bidder relinquishing any of the property owner's rights to the property.
90 days. This can be an eternity depending on the choices you make. Go get help.
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Posted by: John Beck | October 22, 2008 at 02:02 AM