Overview of Arizona AZ Real Property Tax Liens
What does a real estate default mean?
According to Investopedia, a default is when a debt, such as a mortgage loan secured by a property, does not get the necessary interest or principal payments. Any failing that a contract requires could be considered a default. This may involve neglecting to make mortgage payments, maintain current insurance, pay other secured obligations, pay real estate taxes, or adhere to other specific contract clauses. Defaults subject borrowers to legal claims and may restrict their access to credit in the future.
Never allow a trustee’s sale, short sale, deed in lieu of foreclosure, or foreclosure proceed without first obtaining legal and tax advice.
After the process is finished, significant mistakes cannot be fixed. As a result, don’t take any advice from a realtor, your neighbor, or an inexperienced lawyer. You should always make informed decisions because this is your life and your future. I don’t say this to scare you; rather, it’s because I’ve seen hundreds of people deal with disastrous consequences that could have been avoided if they had just sought expert legal and/or tax counsel.
Beware of real estate scams
Thousands of frauds are perpetrated on unwary homeowners. Because they are unable to seek legal guidance, many prey on a certain population, such as the low-income or minorities. The best advise anyone can give is to never respond to someone who contacts you in a crisis and offers to “assist” you. Always reach out to well-established companies with a track record of providing high-quality services.
Here is just one example of such greed – “Campos Gets Prison in Arizona Housing Scheme“.
THE FOLLOWING ARE LINKS TO OVERVIEWS, LAWS, & MORE
What choices does a lender have in the event that the mortgage is not paid?
real property is located. Arizona permits a lender to choose either course of action. You should see a local lawyer who is experienced in this field of law because all states do not have the same laws. Because each person’s situation is different and the legal and tax advice you will receive will vary greatly, do not rely on the internet for correct information.What is a Judicial foreclosure, and how does it work?
A court-filed legal action known as a judicial foreclosure (this is a court process). The real estate’s owner is served with the notice and given the chance to respond. In the end, the court will issue a judgment, typically in the lender’s favor. The law in the state where the property is located determines what occurs next. The next step in Arizona is a Sheriff’s sale.
What is a trustee’s sale, and how does it work?
A trustee is hired by a lender to collect the money they’ve invested in the property by selling it at a public auction.
If other people bid at the auction, the lender is compensated. If no one bids on the property, the lender becomes the new owner.
What happens once a trustee’s sale or foreclosure is finished? Most likely there will be an eviction.
After a lender completes the trustee’s sale or foreclosure There will be a new owner of the property. Most likely, the new owner will want the previous owner or tenant to vacate the real estate, therefore they will file a forcible entry and detainer action (again, under Arizona law), also known as a FED.
The tenant/occupant is served with a written notice to vacate the premises. The length of the notice to vacate is determined by the type of occupancy, type of lease – commercial or residential, and whether the property is occupied by a renter or a foreclosed owner. Unless the contract specifies otherwise, this period is usually 5 or 7 days. If the tenant/occupant refuses to leave after the 5-7 days have passed, a complaint for forceful detainer action might be initiated. A notice of hearing will be delivered to the property’s occupant. In the end, the new owner will get an eviction order requiring the resident (often the previous owner or tenant) to vacate by a certain time. If the tenant, or old owner, does not leave then the sheriff will forcibly evict the occupant.
If the property is residential (ARS 33-1377) or non-residential (ARS 33-361), the laws regulating forcible entry and detainer actions are different (ARS 33-361).
What happened to any money that was left over after my house was sold at a trustee’s sale or during a foreclosure?
The money in question is known as “excess sale proceeds“. The application process for the funding is set by law. NEVER give up the opportunity to pursue out those monies. Instead, consult an expert lawyer instead so that you are aware of your rights.
Am I Eligible to File Bankruptcy in Arizona?
Chapter 7 Qualifications
The means test is the major qualification for Chapter 7 debtors. If your annual household income is less than the national average, you may be eligible for this type of bankruptcy. This figure is updated every few months.
If you do not qualify for Chapter 7, other options, such as Chapter 13 bankruptcy are usually available.
Chapter 13 Qualifications
In Chapter 13 cases have limits on the amount and type of debts. There is also a minimum income and expense requirement. Debtors in Chapter 13 must have enough disposable income to make a monthly plan payment.
Helpful Insight
The right to file Bankruptcy bankruptcy is Protected by the United States Constitutional.
As early as 1789, Congress was authorized by the US Constitution’s Art. 1, Section 8, Clause 4 to enact bankruptcy laws to assist all citizens in obtaining a fresh start. The first bankruptcy law was enacted in 1800. Clearly, this option has been viewed as an important tool for protecting our citizens. As a result, you should never feel obligated to apologize to me or anyone else for exercising your constitutional rights.
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