Our Default Services Division is recognized throughout the industry for its quality of service and professionalism. We offer statewide service in all areas of defaults and litigation including Trustee Sales and Forfeitures and Litigation Guarantees.
Security Title Default Services
3636 North Central Ave, Suite 140
Phoenix, Arizona 85012
Foreclosure Services FAQ
WHAT IS A TRUSTEE SALE?
A Trustee Sale is a non-judicial foreclosure that is available to lenders when a loan is secured by a Note and Deed of Trust. When the Trustor (borrower) defaults, the Beneficiary (lender), will direct the Trustee, (legal title holder) to initiate foreclosure. To conduct a trustee’s sale, it is only necessary to give certain notices, wait ninety days, and then auction the property. There is no right of redemption.
WHERE DO I FIND LISTS OF TRUSTEE SALES?
Security Title Agency does not supply lists of properties in foreclosure. The Notice of Sale must be published in a Newspaper of general circulation in the county where the property is located so you may find properties through these publications. There are also foreclosure services that obtain their information from the public records and supply lists weekly or monthly. The following are a few companies that we are aware of that provide pre-sale information or listings of trustee sales:
Foreclosure Listing of AZ
602.361-2200 · www.floa.biz
623.434-5560 · firstname.lastname@example.org
National Asset Management Network, Inc.
602.625-0582 · www.THOFFICE.INFO
602.417-9900 · dailyjournal.com
602.595.6340 · http://cais.netvaluecentral.com
HOW DO I GET INFORMATION ABOUT THE SALE?
Arizona Revised Statutes 33-809(E) provides that, upon written request, for a fee and no sooner than thirty days after the recordation of the notice of trustee’s sale, the trustee must provide a list of liens, along with the owner and the unpaid principal balance. Arizona Revised Statutes 33-809(F) provides that the Trustee must have the Credit Bid available the day before sale. The phone number to obtain the information is found on the Notice of Sale.
CAN I INSPECT THE PROPERTY BEFORE I BUY?
The Trustor owns the property until the Sale is held. Should you inspect the property without his or her permission, you would be trespassing.
HOW DO I BID AT SALE?
The Sale is by public auction; the time and place is designated on the Notice of Sale. You must have a $1000 deposit in a form acceptable to the Trustee which is usually certified funds made payable to the Trustee Arizona Revised Statutes 33-810. If you are the successful purchaser, you will have until 5PM the following business day to pay the balance of your bid. Should you fail to pay the bid, your deposit is forfeited Arizona Revised Statutes 33-811(A).
THE RISKS OF BUYING AT AUCTION.
There are many risks with buying at a foreclosure auction. It is a strictly cash sale and you are buying without warranty as to the condition of title or the physical condition of the property. The property is sold subject to all prior liens, encumbrances and real property taxes. Although most subordinate liens are extinguished at Sale, there are many that remain with the property for instance, an IRS lien will remain on the property for 120 days from the date of Sale and if the Deed of Trust being foreclosed is not in first position, HOA dues remain with the property.
WHY ARE SALES POSTPONED?
The Trustee or Beneficiary may postpone the sale for any reason but it’s generally due to a Bankruptcy. It can be postponed for any length of time up to 89 days each postponement. The postponement times and dates are not posted or published; you must attend the Sale.
THE ABCS OF THE ARIZONA TRUSTEE SALE.
A Trustee Sale can be initiated any time after a payment is due providing the contract does not provide grace period; there is not a statutory grace period. Generally, the process is initiated by recording the Notice of Trustee Sale that schedules the property for public auction approximately three months later. During the three month period, the Trustee must comply with several statutory requirements which includes sending notice to all parties having an interest in the property of public record at the time the Notice of Sale records, publishing the Notice of Sale four consecutive weeks and posting a copy of the Notice on the trust property and at a specified place at the County courthouse. At the Sale, the bid is started with the beneficiary’s “credit bid”. The credit bid is usually the amount due under the terms of the Note and Deed of Trust i.e. principal, interest, attorney’s fees if any and the trustee’s fees and cost. The Arizona Deeds of Trusts Statutes can be found in Arizona Revised Statutes 33-801 et.seq. that you review at www.azleg.state.az.us