5 FAQs About Trustee Sales in Arizona

Unfortunately, many homeowners are receiving Notices of Trustee Sale on their homes, but with little information, they may be overwhelmed with questions. Here are the answers to 5 frequently asked questions about Trustee Sales in Arizona. * What is a Trustee Sale? * How do I know if my home is up for a Trustee Sale? * What do I do if I receive a Notice of Trustee Sale? * What are my options? *What happens after the Trustee Sale? … [Read more...]

Short Sales from the Bank’s Point-of-View

I recently attended a short sale round table where a loss mitigation manager from a local bank discussed his views on short sales. It was interesting to hear from the bank's point of view. What I found very interesting was the LM manager's attitude. Although he is empathetic to those who have a true hardship, his primary focus is on protecting the bank's assets. If he can help the customers in the process, he is happy to do it. But in the end, they chose to borrow that money and they agreed to pay it back. And he wants as much of it back as he can get. For those who are trying to use the current economic conditions for their own … [Read more...]

You’ve Received a Notice of Trustee Sale…Now What?

I have received several questions over the last few weeks from homeowners who have been informed that a Notice of Trustee Sale (NOT) has been filed on their home.  In Arizona, many properties are purchased using a Deed of Trust.  In a nutshell, a Deed of Trust is security instrument in which you, the borrower (Trustor) grant legal title to the home you are purchasing to a Trustee, usually a Title Company, who holds it for the benefit of the lender (Beneficiary).   You, the borrower, retain possession of the property, but if you default on the loan,  the lender can instruct the Trustee to sell the property at a Trustee Sale. The proceeds from … [Read more...]