questions & answers

Question: My proprty is seduced to be sold today at a Trustee's auction. I had a new loan approved for past two weeks that would pay the existing note in full, the trustee deliberately withheld the final payoff statement until 4:59 p.m. on the day prior to the foreclosure, making it impossible to fund on the new loan in time to stop the sale. Is there anything we can do to stop the sale and buy ourselves a few days to get the new loan closed?

Answer: If there is a foreclosure judgment to sell the property and payment is made before the foreclosure sale, the payment must be acknowledged and recorded in the office in which the deed or mortgage is recorded. A.R.S. 33-726 If the judgment is judicial, there is a period of time where the borrower can buy back the property after the sale. However, most foreclosures in Arizona are not judicial. A non-judicial sale is called a trustee sale, and after the property is sold the borrower does not have a right to regain the property. http://www.hg.org/article.asp?id=28262