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Arizona Foreclosure Process

Ownership of Arizona properties are held in title by means of a "Trust Deed". A "Trust Deed" or "Deed of Trust" controls ownership of a property until payment in full is made for all liens against the property. Arizona law permits mortgages to serve as liens upon real property and for judicial foreclosures to occur through the courts. But due to the "Power of Sale" provisions within most deed of trusts this is the primary mechanism used to foreclose on a property. Although judicial forclosures are allowed by Arizona law, foreclosures are rarely judicial.

The primary method of foreclosure in Arizona is non-judicial foreclosure. Non-foreclosure requires a notice or advertisement to be placed in a widely read periodical or newspaper in the County where the property is located.

Foreclosure Notification Requirements:

Lender must publish a notice of sale - Once a week for at least 4 weeks (newspaper)
Notice of sale posted at property - Within 20 days before the proposed sale date
Sale recorded at County Recorder - Within 20 days before the proposed sale date

The Notice of foreclosure sale must contain the following information:

Date, Time and Location of sale
Street Address
Legal Description of the property
Tax Assessors Parcel Number
Original Principal Balance
Name of the Beneficiaries
Trustees Qualifications
Trustee Telephone Number

The foreclosure auction must occur between 9AM-5PM Monday-Friday, and cannot occur on a state recognized holiday. Foreclosure sales can be postponed the by party conducting the sale, or by a pending bankruptcy. A forclosure sale can occur anytime after 90 days from the filing of the "Notice of foreclosure sale" and not less than 10 days from the date of last public notification.

Arizona law allows lenders and lien holders to go to court in what is called as a judicial foreclosure proceeding, where the court issues a final judgment of foreclosure. The property can then be sold as part of a publicly noticed sale.

Although the process of foreclosure can take as little as 90 days, on average the process takes approximately 120 days.

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