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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] What about other AZ codes? Posted by Daniel on July 07, 2003 at 7:24 PM In Reply to: Similarities with AZ. Trustee Sales.. posted by Ward-CA- on July 07, 2003 at 3:51 PM : : We live in California and are familiar with the California foreclosure process. We are interested in attending a sale in Arizona. : : Is the process similar to California law? : : More specifically, are the junior liens and association liens : : wiped out if the sale is on the first trust deed? : : Are there any other Arizona laws we need to be aware of? : : Thanks for any help, : : Tom : =•=•=•=•=•=•=•=•=•=•= : Tom, : Yes, the trustee sales in CA and AZ are quite similar. For example, the trustee’s sale of a senior lien wipes off all junior liens in both states—even if it’s an IRS lien. And to keep on top of the upcoming sale you need to stay in contact with the foreclosing trustee. : One differeence is in AZ all you have to take to the trustee’s sale is $1,000 dollars. If you make the highest bid and it’s more than $1,000, then you have until the next day to come back with the rest of the money. If you don’t, you forfeit your $1,000 bucks. : Another difference in AZ is that you can buy a copy of the TSG (trustee’s sale guaranty) from the foreclosing trustee for only $40.00! Can’t do that in California! : The TSG is a super duper title report. : =•=•=•=•=•=•=•=•=•=•= Ward, what about the similarities between these states when it comes to equity purchases from the trustor? Are there equivalents to CC 1695 and the like in AZ? I've tried to find any myself in the AZ code, but I keep coming up emptyhanded. Any info or perhaps even specific code numbers would be awesome. Thanks, - Daniel Follow Ups: Not there.. Ward-CA- 7:25 AM, 07/08/03 (0) Post a Followup: Name : E-Mail : Subject : Comments: : : : We live in California and are familiar with the California foreclosure process. We are interested in attending a sale in Arizona. : : : Is the process similar to California law? : : : More specifically, are the junior liens and association liens : : : wiped out if the sale is on the first trust deed? : : : Are there any other Arizona laws we need to be aware of? : : : Thanks for any help, : : : Tom : : =•=•=•=•=•=•=•=•=•=•= : : Tom, : : Yes, the trustee sales in CA and AZ are quite similar. For example, the trustee’s sale of a senior lien wipes off all junior liens in both states—even if it’s an IRS lien. And to keep on top of the upcoming sale you need to stay in contact with the foreclosing trustee. : : One differeence is in AZ all you have to take to the trustee’s sale is $1,000 dollars. If you make the highest bid and it’s more than $1,000, then you have until the next day to come back with the rest of the money. If you don’t, you forfeit your $1,000 bucks. : : Another difference in AZ is that you can buy a copy of the TSG (trustee’s sale guaranty) from the foreclosing trustee for only $40.00! Can’t do that in California! : : The TSG is a super duper title report. : : =•=•=•=•=•=•=•=•=•=•= : Ward, what about the similarities between these states when it comes to equity purchases from the trustor? Are there equivalents to CC 1695 and the like in AZ? I've tried to find any myself in the AZ code, but I keep coming up emptyhanded. Any info or perhaps even specific code numbers would be awesome. : Thanks, : - Daniel 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

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