When it comes to reading through Arizona foreclosure listings, it's important to learn about some of the key terms associated with a transfer of property through foreclosure. These terms differ slightly from state to state and also have slightly different meanings depending on the state laws. Take a few minutes to familiarize yourself with some of these terms so that you can be an informed buyer when purchasing a property through foreclosure. Here are those terms, along with some quality links to provide additional information.
Arizona deed of trust
In Arizona law, the deed of trust refers to the document that transfers the legal title of the property to the lender pending full repayment by the borrower. The deed also specifies that the lender may foreclose if the borrower defaults. When searching Arizona foreclosure listings, it's important to know the primary lender and to make sure the deed of trust was properly filed.
In Arizona, a deficiency judgment refers to a judgment made on a borrower who has defaulted and been foreclosed on if the sale of the home is less than the previous mortgage that the defaulted borrower was carrying. When dealing with Arizona foreclosure listings, it's imperative to know whether there are any deficiency judgments on banked-owned property.
Arizona notice of trustee's sale
In Arizona, a notice of trustee's sale refers to a document that is recorded in the county recorder's office stating that a lender is planning to sell a property. Arizona foreclosure listings will often detail when the trustee sale or auction will take place based on the time line of the filing.
Power of sale foreclosure, or non-judicial foreclosure
A power of sale foreclosure, or non-judicial foreclosure as it's sometime referred to, occurs when the mortgage contains a clause that allows the lender to sell the property if the borrower defaults without a court order. Arizona foreclosure listings will detail if a foreclosure is going through the power of sale process.
Judgment of foreclosure
A judgment of foreclosure is an order handed down by the court to a plaintiff (the lender) against the borrower so that it can recover all debts and associated costs (amount of the mortgage and related fees). When dealing with foreclosure listings, the process of obtaining a judicial foreclosure is different from a power of sale foreclosure.
Trustee sale date
The trustee sale date refers to the date that a foreclosed property will be auctioned off. When dealing with foreclosure listings in Arizona it's important to know that date because the borrower in default may cure his debts, sell to another party or obtain another mortgage by the trustee sale date, negating the foreclosure.
Arizona foreclosure listings and pre-listings
Arizona foreclosure listings and pre-listings give homebuyers and investors access to properties on the market that are good values.