Legal Question in Real Estate Law in Arizona

OWC foreclosure

If I hold the note on a large piece of land and the buyer defaults in AZ, do I have to go through the trustee sale process?


Asked on 5/18/09, 2:59 pm

1 Answer from Attorneys
Donald Scher Donald T. Scher & Associates, P.C.

Re: OWC foreclosure

It depends upon the terms of the note and whether or not the land collateralized the note. Trustee sales occur when a borrower defaults on a note securied by a deed of trust.

You may have to sue the borrower and get a judgment before you can go after the land to satisfy your judgment. I would have to review the purchase contract, the note and other pertinent documents.

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Answered on 5/18/09, 3:25 pm


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