I’ve been involved in thousands of Arizona trustee sales as a creditor’s attorney.
Never proceed with a short sale, deed in lieu of foreclosure, or trustee’s sale (foreclosure) without seeking legal and tax guidance beforehand. Once the process is completed, it is impossible to correct major errors.
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.
The statutes of the state where your property is located govern both the trustee sale and foreclosure processes. Because not all states have the same laws, it is critical that you speak with a local attorney who is familiar with this area of law. Do not rely on the Internet for accurate information because each person’s circumstance is unique, and the legal and tax advice you should receive will differ considerably.
Never proceed with a short sale, deed in lieu of foreclosure, trustee’s sale, or foreclosure without seeking legal and tax guidance beforehand.
Once the process is completed, it is impossible to correct major errors. So don’t trust any advice from a realtor, next-door neighbor, or unskilled lawyer. This is your life and your future, therefore you must be well-informed before making any decisions. I don’t say this to terrify you; rather, I’ve seen hundreds of people face catastrophic repercussions that could have been avoided if they had just gotten professional legal and/or tax assistance.
Understand Arizona trustee sale process before making any decisions what is the best for your future.
Diane L. Drain, bankruptcy attorney, retired law professor, mentor and community spokesperson.
We have several videos on our web site.
Below are 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”
MUSINGS BY DIANE:
I offer a consultation regarding the consequences of foreclosure, short sale or deed in lieu of foreclosure.
“This firm is not a tax firm, but we will provide you with referrals to some very good tax attorneys.”
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.*
In Case You Missed It
Published On: July 10, 2024
Update: 12/11/24 see article below from National Consumer Law Center, Inc. "NCLC": 15 Ways to Fight Foreclosure of Zombie Second Mortgages Introduction: Zombie mortgages, particularly "zombie second mortgages," are a troubling phenomenon where old, seemingly [...]
Published On: February 23, 2022
WHAT HAPPENS AT THE END OF A COVID-19 FORECLOSURE FORBEARANCE? Can servicers demand a large balance? Generally, the servicers should not be demanding full payment following a COVID forbearance. There [...]
Published On: July 16, 2021
Arizona Residential Eviction Actions Procedures – effective July 15, 2021 IT IS ORDERED that the following procedures are applicable to eviction actions governed by Arizona Revised Statutes, Title 33, filed [...]
Published On: May 16, 2021
Forbearance of Home Mortgages During COVID-19 Know your options before making a decision not to pay your mortgage 11/18/21 UPDATE – see summary of foreclosure alternatives This chart provides a summary of relief [...]
