~ Arizona Foreclosure Process

 

Notice of Trustee Sale

  • Starts the foreclosure process and sets auction date when recorded. ARS 33-808(A)(1)
  • Notice of Trustee Sale mailed to parties to the trust deed within 5 days and others within 30 days of recording. ARS 33-809(B)
  • Trustee Sale must be no earlier than 91 days from recording. ARS 33-807(D) 

Auction

  • Initial auction date at least 91 days from the recording of the Notice of Trustee Sale and must be posted for 20 days and published once a week for 4 weeks with the final publication at least 10 days before sale. ARS 33-807(D) ARS 33-808(A)(3) & (4)
  • Opening bid must be available the day before the sale or the sale must be postponed. ARS 33-809(F)
  • Postponements of the Trustee sale are unlimited and may be for any amount of time up to 90 days. ARS 33-810(B)
  • Bidders may be required to deposit $10,000. Winning bidder must pay balance by the close of the next business day. ARS 33-810(A) ARS 33-811(A)
  • Reinstatement right up to the day before the sale with no acceleration. ARS 33-813(A)

Trustee’s Deed

  • Transfers property to highest bidder. There is no right of redemption in a non-judicial foreclosure. ARS 33-811(E)
  • Debtor may be subject to a deficiency judgment unless loan documents prohibit or the trust property is a single family home. ARS 33-814(G)
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