In these market conditions, homeowners are faced with a multitude of options when it comes to the mortgage and foreclosure process. This is the second article in a series of posts on the Pak & Moring website dedicated to educating the public on real estate law topics beginning with the Arizona foreclosure process.
The non-judicial and contractual way in which the mortgage lender can foreclose the mortgage and sell the property of a defaulting homeowner is called a trustee sale. This is exponentially quicker than filing a judicial case, and begins when the lender (trustee) deems a homeowner in default of the loan. If you are undergoing a trustee sale and would like legal advice, please contact Pak & Moring to discuss your situation.
* During the 90 days prior to the sale, the original homeowner still owns the house and can sell it up until the day of the trustee’s sale, or if a bankruptcy is filed you can sell it as part of the bankruptcy workout process
(Please note: while informative, these posts are not intended to be formal legal advice and are not completely authoritative and should not be solely relied on as a primary basis for legal action.)
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