InnoVest Resource Management's Foreclosure Forum

Discussion Board Foreclosure Training Title Holding Trust Speaking Schedule Foreclosure Codes 50 State Foreclosure Basics Foreclosure Glossary 60+ Yrs Interest Rates News & Trends FAQ Dingbat Retirement Plan Links Contact / Map Home

[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Trustee's Sale in Arizona Posted by Ward-CA- on December 11, 2001 at 6:15 PM In Reply to: Trustee Sale in Arizona posted by Tracy on December 11, 2001 at 2:04 PM : I just received a letter from my old attorney who handle a recent custody/divorse issue that he is withdrawing from being my attorney because the property which is in the name of my exwife is being foreclosed on. My attorney was awarded attorney fees. The property had two mortgages on it after I received a judgement awarding me 30,000 as lien against and interest in real property. The judgement also stated that it shall constitute a priority lien and a writ of special execution for the sale of the subject property to satisfy the judgement. I don't have good credit. My questions are these... : 1. Can I lose out on the judgement I have against my exwife by not bidding at the auction? : 2. If I bid on the property would I need to have the money to pay for the two mortgages, expense of sale? Can I take over the mortgage payments? I was on the original mortgage. The second mortgage is doing the trustee sale. : 3. This is in the state of Arizona. After the foreclosure happens will the tenants be required to move out right away? : 4. Should I get a lawyer? How can they help you during this process? : 5. Do I need to send something to the trustee telling them what the amount will be at the foreclosure date? : Thanks for your help =•=•=•=•=•=•=•=•=•=•= Tracy, 1). An abstract of judgment is a general lien. As such it can be wiped off the title of a particular property by a foreclosure of a senior lien, but it won’t be wiped out since it can remain a lien against any other property that is titled in the name of the judgment debtor. In fact, even if the judgment debtor does not own any property in the county the judgment will remain alive and well in the public record for the life of the judgment. 2). To bid on the foreclosing lien you would have to have cashier’s checks equal to or higher than the amount of your highest bid. The opening bid at a trustee’s sale includes all the debt and expenses owed the foreclosing lender. I don’t understand why you would want to take over the payment of trust deeds on a property that you don’t own. 3). Generally holdover tenants are given a 30 day notice to vacate due to foreclosure. 4). You don’t need a lawyer to run interference for you. 5). The foreclosing trustee should know of your lien interest in the property and its relative priority from the Trustee’s Sale Guarantee report. After the sale, if a surplus overbid was generated, the Trustee will send to all lienholders and interests junior to the foreclosing lien a claim form to execute and return. Hope this helps. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : I just received a letter from my old attorney who handle a recent custody/divorse issue that he is withdrawing from being my attorney because the property which is in the name of my exwife is being foreclosed on. My attorney was awarded attorney fees. The property had two mortgages on it after I received a judgement awarding me 30,000 as lien against and interest in real property. The judgement also stated that it shall constitute a priority lien and a writ of special execution for the sale of the subject property to satisfy the judgement. I don't have good credit. My questions are these... : : 1. Can I lose out on the judgement I have against my exwife by not bidding at the auction? : : 2. If I bid on the property would I need to have the money to pay for the two mortgages, expense of sale? Can I take over the mortgage payments? I was on the original mortgage. The second mortgage is doing the trustee sale. : : 3. This is in the state of Arizona. After the foreclosure happens will the tenants be required to move out right away? : : 4. Should I get a lawyer? How can they help you during this process? : : 5. Do I need to send something to the trustee telling them what the amount will be at the foreclosure date? : : Thanks for your help : =•=•=•=•=•=•=•=•=•=•= : Tracy, : 1). An abstract of judgment is a general lien. As such it can be wiped off the title of a particular property by a foreclosure of a senior lien, but it won’t be wiped out since it can remain a lien against any other property that is titled in the name of the judgment debtor. In fact, even if the judgment debtor does not own any property in the county the judgment will remain alive and well in the public record for the life of the judgment. : 2). To bid on the foreclosing lien you would have to have cashier’s checks equal to or higher than the amount of your highest bid. The opening bid at a trustee’s sale includes all the debt and expenses owed the foreclosing lender. : I don’t understand why you would want to take over the payment of trust deeds on a property that you don’t own. : 3). Generally holdover tenants are given a 30 day notice to vacate due to foreclosure. : 4). You don’t need a lawyer to run interference for you. : 5). The foreclosing trustee should know of your lien interest in the property and its relative priority from the Trustee’s Sale Guarantee report. After the sale, if a surplus overbid was generated, the Trustee will send to all lienholders and interests junior to the foreclosing lien a claim form to execute and return. : : Hope this helps. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

Copyright © 1997-2001, InnoVest Resource Management

InnoVest Resource Management, 4569-A Mission Gorge Place, San Diego CA 92120-4112
(619) 283-5444, Fax (619) 283-5455