TRUSTEE SALE FAQ
Quick Page Index
- 1 TRUSTEE SALE FAQ
- 1.1 TRUSTEE SALE FAQ – FOR BOTH THE BORROWER & LENDER
- 1.2 FOR THE LENDER: INFORMATION ABOUT A TRUSTEE’S SALE
- 1.3 GENERAL INFORMATION ABOUT THE LENDER
- 1.4 Information about you:
- 1.5 GENERAL INFORMATION
- 1.6 VERY IMPORTANT: Please make sure this information is accurate so we can provide the best advice given your unique situation.
- 1.7 THE FOLLOWING QUESTIONS RELATE TO THE REAL PROPERTY
- 1.8 SPECIFICS ABOUT THE BORROWER(S) and THE DEBT
- 1.9 FOR THE HOMEOWNER: INFORMATION ABOUT FORECLOSURE or TRUSTEE’S SALE NOT YET STARTED
- 1.9.1 The mortgage crisis of 2008 through 2012 (this happens every 15 to 20 years)
- 1.9.2 The sad truth is that very few borrowers understand the issues related to borrowing money, purchasing homes, or using credit cards.
- 1.9.3 The likelihood of someone contacting you with a offer to “solve your problems” without them making lots of money, or taking title to your home is very rare.
- 1.9.4 If they say their are a non-profit – doubt them. If they state that they have federal “grants” – doubt them.
- 1.9.5 Most of these scams are visited on the minorities, those who have low income and cannot afford to talk to attorneys, and those who are just too stubborn to believe that anyone could possibly rip them off.
- 1.9.6 No one should never rely on anyone to “work out your problems.”
- 1.9.7 Bankruptcy is not always an answer.
- 1.9.8 If you are asked to so something that you feel is sneaky or wrong, then don’t do it.
- 1.9.9 Remember these folks are in the business to make money. The money they are making is the equity in the home that you are losing.
- 1.9.10 Make sure that every communication is in writing, or confirmed in writing.
- 1.9.11 NEVER PAY MONEY TO SOMEONE ELSE TO NEGOTIATE FOR YOU WITH YOUR LENDER, UNLESS YOU ARE CERTAIN THEY ARE LEGITIMATE. ALWAYS GET TWO OPINIONS.
- 1.9.12 Some people will go into default because of bad advice (lawyer or otherwise) or stubbornness over some issue.
- 1.9.13 Ask in writing for the “reinstatement” amount and keep a copy for your records.
- 1.9.14 Can you can qualify for the amount you owe (arrears necessary to reinstate the loan) including the past due mortgage payments?
- 1.9.15 Do not agree to a short term loan at high interest unless you are absolutely sure you can make the payments and will be able to save your home later.
- 1.9.16 Even though a Trustee’s sale has been started you still own your home and can sell if.
- 1.9.17 Never use the services of someone who knocks on your door to “help” you, even if they say they are a lawyer.
- 1.9.18 If you can afford to catch up on your payments, it is best to do this as soon as possible.
- 1.9.19 Lenders do not have to offer a payment plan, but they do have to accept the full amount they are owed, including their fees and costs.
- 1.9.20 Consider ways you may be able to get additional funds to be able to catch up on your payments.
- 1.9.21 Any default can open the door for the lender to start a foreclosure or trustee’s sale.
- 1.9.22 Arizona statutes define how a trustee’s sale or foreclosure works.
- 1.10 FORECLOSURE or TRUSTEE’S SALE STARTED, INCLUDING POST TRUSTEE SALE ISSUES
- 1.10.1 How do I get a temporary restraining order to hold up the sale of the property? Note – the court or technology will change these procedures.
- 1.10.2 A Temporary Restraining Order becomes effective only once it has been served on the Trustee so they have notice and an opportunity to be heard by the Court.
- 1.10.3 Temporary Restraining Orders usually can be issued the same day they are requested and remain in effect until the scheduled hearing on the Order to Show Cause.
- 1.10.4 After a hearing, a Restraining Order can remain in effect for a period of time, even several years.
- 1.10.5 Make sure to check current statutes for procedures and processes
- 1.10.6 Make Arrangements to Move
- 1.10.7 Sometimes the new owner will agree to rent to you at least for a short time.
- 1.10.8 To avoid eviction agree in writing to leave by a certain date
- 1.10.9 Expect the new owner to give you a Notice to Vacate and then file a Forcible Entry and Detainer action in court to have the court order you to move out.
- 1.10.10 If you receive a notice about a court hearing, we recommend that you go to court at the time set for the court hearing even if you already have moved out.
- 1.10.11 Any fee or payment provided for in an agreement shall be reasonable.
- 1.11 MISCELLANEOUS TRUSTEE SALE ISSUES: BANKRUPTCY, TAXES & TENANTS
- 1.12 LAWS THAT PROTECT OUR ACTIVE MILITARY`
If you file for a restraining order the court will require that you have proof that the law has not been followed) A “Temporary Restraining Order” is ordinarily issued after an “ex parte appearance” (an appearance in court by one party without the other being present). The Temporary Restraining Order is an order of the court that states that a person is to stop do something (in this case completing the trustee’s sale).
