Arizona Foreclosure Listings Key Terms

Learn about some terms you'll find when reading through Arizona foreclosure listings
By Jason Wood 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.
Try:  Visit Foreclosure for more information on how the deed of trust affects foreclosure listings in Arizona.

Deficiency judgment

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.
Try:  My Home Rescue Site provides information in a question-and-answer format. Scroll down to find information on deficiency judgments.

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.
Try:  Foreclosure Counseling explains how the foreclosure process works in Arizona, including further details on a notice of trustee's sale, which must be executed before a foreclosure property is listed for sale.

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.
Try:  Visit Foreclosure Law to learn more about sale foreclosure practices in Arizona.

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.
Try:  Visit Foreclosure University for further information on Arizona statues relating to a judgment of 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.
Try:  Visit Phoenix Market Trends for more information on trustee sale dates and their importance within Arizona real estate law.

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.
Try:  Read about the effect of Arizona foreclosure listings at Street Directory.