AvvoGoogle Business
Law Off of D.L. Drain P.A., Arizona Bankruptcy Lawyer | "Helping You Get Your Life Back on Track"
Law Off of D.L. Drain P.A., Arizona Bankruptcy Lawyer | "Helping You Get Your Life Back on Track"

Excess Sale Proceeds Articles & Links

Information about Arizona Excess Sale Proceeds

Excess Sale Proceeds Articles & LinksSite Producer2023-12-22T10:45:30-07:00

Want to learn more about Excess Sale Proceeds?

When a borrower doesn’t perform their financial obligations, a lender may legally seize and sell a home or other property. This method is called foreclosure. There are various types of foreclosures in Arizona.

  1. The trustee’s sale procedure is the most used in Arizona. When the lender decides to foreclose on the borrower’s property, there are laws governing the process. Normally the trustee’s sale, in comparison to other processes, is cheaper and quicker (at least 90 days). In this method, there is no court involvement.
  2. The second process is a judicial foreclosure. This is a court procedure. Therefore, it is more expensive and takes longer. The advantage for the lender is that a deficiency action could be brought against the borrower or guarantor. The homeowners’ association (“HOA”), or those who purchased back taxes may also use this court process.
    • The sheriff’s sale comes after the judicial foreclosure. As was already mentioned, the process begins in court. The task of selling the property is then given to the sheriff. Lenders, HOAs, and investors in back taxes normally use this.

The following will explain a few of the fundamentals of Trustee’s Sale.

If you fall behind on your mortgage payments in Arizona, the trustee’s sale is one of the things your lender can do.  A judicial foreclosure is the second option. The trustee’s sale is often chosen because it lets the lender move faster and costs less than the judicial foreclosure.

Quick Links to Articles & Resources

Learn more about the Trustee’s Sale process by clicking on the following link.

Visit “Trustee’s Sale Process”

Our frequently asked questions includes many questions about: foreclosure rescue scams, the trustee’s sale process, if you have a VA loan, living in the property and excess sale proceeds.

Visit Trustee Sale FAQs

(As of May 28, 2018 this became permanent Federal law. Also see links at bottom to Arizona Landlord Tenant Act)

by Attorney Janet Portman Protecting Tenants in Foreclosure Act – Federal legislation signed in May 2009 gives important rights to tenants whose landlords have lost their properties through foreclosure. The mortgage industry crisis that started in 2006 has resulted in thousands — no, make that millions — of foreclosed homes. Most of the occupants are the homeowners themselves, who must scramble to find alternate housing with very little notice. They’re being joined by scores of renters who discover, often with no warning, that their rented house or apartment is now owned by a bank, which wants them out.

Read More by visiting

Tenants and Trustee Sales (foreclosures)

Visit Arizona Trustee’s Sales and Bankruptcy by Diane Drain

Property which is pledged as collateral on a debt will sometimes be surrendered to the creditor if the debtor is unable to make payments.

The rise in incidents of foreclosure of homeowner mortgages across the nation is but one aspect of this. Repossessions of cars and mobile homes are also common occurrences in the current economic environment. This article explores the income tax consequences to the borrower which may ensue from surrendering property to satisfy a debt. In general there are two tax aspects to consider: (1) recognition of gain or loss on the transaction and (2) recognition of cancellation of indebtedness (COD) income.

Read More about this by visiting the link below

Tax Issues in short sales, trustee and sales and foreclosures, by Robert Ciancola

Visit Investing in Post-Trustee Sale Properties

Visit “Sue on the Note or Foreclose on the Property – what is the difference?” by Stephanie Monroe Wilson. An Arizona attorney

Visit “Buying Tax Liens: Not an Entirely Gold Plated Investment“, by Chris McNichol, an Arizona Attorney

“Tax Lien Sales Winner for County (but not investors)“, by Mike Fimea, Arizona Business Gazette, February 19, 2004, volume 124

Excess Sale Proceeds Overview

Excess Sale Proceeds – Arizona Specific

Learn about your rights.

When deciding whether to fight to keep your home or let the lender foreclose, it’s important to know what the lender’s processes are.

How long before my house has equity?

Find out by using the calculator below. This tool will allow you to calculate when you will have equity in your home.

The principal and interest make up the majority of your mortgage payment. The main is the amount borrowed, while the interest is the fee paid to the lender. Your lender may additionally collect an additional sum each month to place in escrow, which the lender (or servicer) normally pays directly to the local property tax collector and your insurance provider.

Clients from all across Arizona have put their trust in us

They are experienced and professional

"They are experienced and professional!" M & J Diane and Jay helped my wife and I get past a difficult chapter in our lives. They are experienced and professional. They answered all our questions and gave us excellent advice. We followed there directions from start to finish and the [...]

She is an expert in her field and compassionate.

“Quality and compassion. ” S. She is an expert in her field and compassionate. She listens and provides good advice. She will help you resolve difficult circumstances. S.

Thank you so much for your help

"Thank you so much for your help." S. Thank you so much for your help. I feel very good about my decision and I’m so very glad I chose you to represent me.

It was clear she cared and was committed to helping people

"It was clear she cared and was committed to helping people." Posted on AVVO Anonymous  When I made my decision to file for bankruptcy I did some research. I went through a link on the U.S. court website and read a lot online. Referrals from the court website [...]

Diane has many years of experience and is honest and it shows.

“Diane has many years of experience and is honest and it shows...” J.C. To declare Bankruptcy is a both personal and difficult and at time can seem overwhelming , but With Diane and Jay they made the journey as comfortable and easy understanding as possible. with Diane [...]

We were extremely pleased

"We were extremely pleased!" Anonymous We were extremely pleased with the quality and level of support you and Jay provided. We had shopped around a bit before contacting you and once we did the comparison with other attorneys and bankruptcy “mills” was extremely and significantly positive. [...]

She was very pleasant, knowledgeable and informative

"She was very pleasant, knowledgeable and informative" P.K. I live in Las Vegas and had a legal matter involving bankruptcy. My attorney in Las Vegas informed me that I would need an attorney from Arizona since the claim was filed in Arizona. I knew no one so [...]

I have a much clearer understanding of my choices and that has made the financial challenges much easier to deal with

I have a much clearer understanding of my choices and that has made the financial challenges much easier to deal with. T.P. Feeling the questionable unease of financial hardship can be one of life’s most serious challenges; not knowing where to turn for information, who to trust, [...]

Diane’s steady hand, expertise and cool head, got us on the right track

“Diane’s steady hand, expertise and cool head, got us on the right track.”  P.R. Our lives were spinning out of control. We were trying all kinds of “quick fix” gimmicks to get our finances in order following employment challenges and being small business [...]

Diane has a wealth of knowledge

“Diane has a wealth of knowledge.” S.B. Sharing knowledge "Diane Drain is a wealth of knowledge. She is a great attorney."  S.B.    

Thank you for your expert care with our bankruptcy case

"Thank you for your expert care with our bankruptcy case." J.L. Both Diane Drain and Jay McClimon at Law Office of D.L. Drain are by the far the most passionate, honest, and hardworking people I have ever met. Thank you again for your expert care with our bankruptcy [...]

Overall grade for help received from Diane and her staff – 110%

"Overall grade for help received from Diane and her staff – 110%" N. Overall grade for help received from Diane and her staff – 110%. Now I can breath and it is thanks to Diane.

Diane and Jay were wonderful to work with.

“Diane and Jay were wonderful to work with.” P. Diane and Jay were wonderful to work with. They helped us navigate the bankruptcy process. They were informative and answered all our questions. We highly recommend them! P.

If only you knew how much you changed our lives

"If only you knew how much you changed our lives!" B & J. If only you knew how much you changed our lives. I can sleep through the nite, answer my phone and door without worrying who would be on the other side. Bankruptcy was not an easy [...]

I felt well prepared and protected by Diane

“I highly recommend Diane Drain if you are looking for a fantastic bankruptcy attorney who will look out for you and your interests.” D.D.Z. Diane has been an amazing attorney. This was a hard time in my life but she kept me on track and was incredibly [...]

e were amazed at how accessible Diane was

"We were amazed at how accessible Diane was." Robert We were amazed at how accessible Diane was. Weekdays or weekends at all times of the day it didn’t matter. She was quick to respond to our questions or needs. In short Diane did a great job for us [...]

I came to Diane cause her reviews stuck out the most. I WAS NOT DISAPPOINTED!!!

“I came to Diane cause her reviews stuck out the most. I WAS NOT DISAPPOINTED!!!” S.C. I came to Diane cause her reviews stuck out the most. I WAS NOT DISAPPOINTED!!! If you're serious about filing for bankruptcy than I suggest you go with Diane Drain!!! From [...]

Diane shows compassion and understanding to her clients.

“Diane shows compassion and understanding to her clients.” M.W. Diane provides educated and honest information throughout the entire process. She shows compassion and understanding to her clients. She was not my first attorney but took my case on in very short order. She cleaned up all of [...]

Beyond the Bankruptcy Paperwork: It’s Not Just Filling Out Forms, and Understanding The Attorney’s Role

Many people, including inexperienced attorneys, think that bankruptcy is simple. To quote a first-year law student on their first day in bankruptcy class, "It is [...]

Are you or a loved one experiencing financial hardship?

Help Yourself or Someone You Love
Share your info (or a loved one’s) below to receive clear, actionable steps today to begin the FREE Consultation process. Feel free to ask us anything along the way.

This field is for validation purposes and should be left unchanged.
Name(Required)
Consent to receive email(Required)

Information submitted through this form is used solely to respond to your inquiry. We do not sell, share, or use your information for marketing purposes. Submitting this form does not create an attorney-client relationship or mean that we represent you. Please do not include confidential or time-sensitive information.

Go to Top