Excess Sale Proceeds Questions
Excess Sale Proceeds FAQs
Key takeaway: Excess sale proceeds may exist when a trustee’s sale or foreclosure sale generates more money than needed to pay the foreclosing debt and related costs. Homeowners, junior lienholders, and other claimants may need to follow Arizona’s statutory process, file the correct application, and address competing claims before funds can be released.
The Arizona Statute, A.R.S. 33-812 sets forth the procedure. Once the money has been deposited with the County Treasurer, the homeowner or other claimants can file an application for the money. If there is more than one claimant, then there is a waiting period of 180 days before anyone can recover the money.
Arizona Revised Statutes 33-812
Application for Release of Excess Proceeds of Foreclosure (or trustee’s) Sale
