Scottsdale, Chandler and Gilbert Homes for Sale

DISTRESSED PROPERTY LAW AND ISSUES IN ARIZONA

 By Dax R. Watson, Esq.

 INTRODUCTION

The average person can be confused by the various rules and regulations that control Foreclosures and Trustee Sales. The following is designed to provide a broadbased, plain language, review of the Judicial Foreclosure and Trustee Sale process. 

 What generally is a “Foreclosure”?  There is a lot of confusion about the term “foreclosure” and what it entails. However, most homes, either primary residences or investment properties, are encumbered by a mortgage, i.e. an agreement to repay a loan provided for the purchase of the home. The mortgage holder is typically the lender and the homeowner is typically the borrower. If the homeowner/borrower fails to make his or her monthly payments on the mortgage, the lender can then foreclose on the mortgage.  This means the mortgage will be in default and the lender can proceed with the process of having the home sold to repay the loan.

 There are two (2) ways in which a lender can have the home sold.....READ MORE.