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Chris Pendleton


Shannan Marty

Associate Broker - RealtorĀ®, ABRĀ®,CDPE, CSP, CNE, CSSN, SFR, a-REO, PSC

Foreclosures happen either judicially or non- judicially. In Arizona, about 99.9% of the foreclosures happen non-judicially. Which means that the bank has certain steps that they must follow.

The process begins when the home owner misses a payment. Technically, the bank can start the foreclosure process after 1 missed payment. However, in our market we see banks typically starting the forclosure process after about 3 missed payments.

The next step of the process is for the bank, or trustee filing a 'Notice of Default' or 'Notice of Sale' at the PIma County Recorders Office. This officially notices the world that the property is in destress. This begins a 90 day time clock ticking.

After the Notice of Default is filed, this starts a 90 day period of time called the period of Right of Reinstatement. This is a time period in which homeowners working with thier bank may be able to bring in all missed payments, late fees, attorney fees and be reinstated in their loan.

If no resolution to the delinquent loan is made after 90 days - the bank can then order the sale of the home at the trustee sale. The trustee sale is located on the courthouse steps Monday through Friday beginning at 11:30 AM.

Depending upon how the bank prices the opening bid will determine if the bank takes the home back or if an investor will purchase the home. Once the sale is concluded you no longer own the home.nextArizona Foreclosure Process