Getting information about the credit bid
August 12, 2022
By Site Producer Attorney & Retired Law Professor
Make sure to check current statutes for procedures and processes
Warning: like so many laws this area of law is constantly changing. It is your responsibility to confirm the latest version of the law.
A.R.S. Section 33-809(E) requires that a no sooner than thirty days after recordation of the notice of trustee’s sale, the trustee shall upon receipt of a written request, provide, if actually known to the trustee, the following information relating to the trustee’s sale and the trust property:1. The unpaid principal balance of the note or other obligation which is secured by the deed of trust. 2. The name and address of record of the owner of the trust property as of the date of recordation of the notice of trustee’s sale. 3. A list of the liens and encumbrances upon the trust property as of the date of recordation of the notice of trustee’s sale, excluding those matters set forth in section 33-438, subsection A.
The trustee may charge a fee not to exceed one-twentieth of the amount the trustee may charge pursuant to Section 33-813. The trustee is not liable for any error or omission in providing the information requested. A.R.S. Section 33-809(E) provides that beginning at 9:00 a.m. and continuing until 5:00 p.m. on the last business day preceding the day of sale and beginning at 9:00 a.m. and continuing until the time of sale on the day of the sale, the trustee shall provide to any person who requests of the actual bid or credit bid the beneficiary is entitled to make at the sale.
If the trustee is unable to provide the credit bid during the prescribed time period, the trustee shall postpone the sale until the trustee is able to comply with this subsection. Again, the trustee has no liability for the accuracy or completeness of the information.
About the Author: Site Producer
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.
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