Published On: March 16, 2019
WARNING TO THE WISE: Never do a short sale, deed in lieu of foreclosure, allow a trustee’s sale, or a foreclosure to go forward without first obtaining both legal and tax advice. You cannot undo serious mistakes once the process is completed.
What is a trustee’s sale?
A lender uses a trustee to collect the money they have invested in the property by selling the real property at a public auction. If others bid at the auction then the lender is paid. If there are no bidders, then the lender becomes the owner of the property.
Both the trustee sale and foreclosure processes are set by the statutes of the state where your property is located. Not all states have the same law therefore it is very important for you to talk to an local attorney experienced in this area of law. Do not rely on the Internet to provide accurate information because each person’s situation is unique and will dramatically change the legal and tax advice that you should be given.
Never do a short sale, deed in lieu of foreclosure, allow a trustee’s sale, or a foreclosure to go forward without first obtaining both legal and tax advice.
You cannot undo serious mistakes once the process is completed. So not rely on any information from a realtor, next door neighbor or inexperienced attorney. This is your life, your future and you must be fully educated before making any choices. I do not say this in order to scare you, I say it because I have seen hundreds of people facing dire consequences that could have been avoided if they just sought competent legal and/or tax advice.
We have several videos on our web site. Below are just a few that might be of interest:
- “Lender’s Foreclosure Rights in Arizona”
- “Should I keep my home or let it go into foreclosure?”
- “Five Quick Tips on How to Find a Great Attorney”
- “Meet Ms. Drain and Suggestions on How to Hire an Attorney”
About the Author: Diane Drain
Diane is a well respected Arizona bankruptcy and foreclosure attorney. As a retired law professor, she believes in offering everyone, not just her clients, advice about bankruptcy and Arizona foreclosure laws. Diane is also a mentor to hundreds of Arizona attorneys.
*Important Note from Diane: Everything on this web site is offered for educational purposes only and not intended to provide legal advice, nor create an attorney client relationship between you, me, or the author of any article. Information in this web site should not be used as a substitute for competent legal advice from an attorney familiar with your personal circumstances and licensed to practice law in your state. Make sure to check out their reviews.*
“You folks are the BEST OF THE BEST in Arizona.” M.H.
You and Jay are the best attorneys I have ever had or needed and thank God for the Honorable Robert Gottsfield in recommending you folks – I would have never made it through the entire process without you and Jay and God Bless you both always and stay in touch as well. You folks are the BEST OF THE BEST in Arizona.
“My only regret is that I didn’t find Diane sooner.” K.H.
I can’t say enough good things about Diane. The way she handled my not typical circumstances was amazing. I was very nervous to start the bankruptcy process but Diane just has a very comforting way of explaining the whole process. My only regret is that I didn’t find Diane sooner. If you find yourself in a financial situation that you can’t correct on your own, please Call Diane Drain as soon as possible.
“Filing for bankruptcy can be a stressful life event” R.A.
Filing for bankruptcy can be a stressful life event, and selecting the right attorney can add to this stress. Diane and Jay were a pleasure to work with, and it is obvious that they are passionate about helping people get their life back on track. I would highly recommend them if you need a bankruptcy attorney.
Published On: February 23, 2022
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Are you planning on refinancing your home? If so, you could lose protections from creditors under bill at Legislature Russ Wiles, Arizona Republic, Arizona Republic Interviews Diane L. Drain about Arizona homestead protection and [...]
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