Legal Question in Real Estate Law in Arizona

Re: My Rights as Note Holder

Your rights as noteholder depend upon the form of collateral security agreement in place with the note. Most typical would be a deed of trust. If that is the format, you must initiate a trustee's sale.

The trustee's sale is not something you can probably do by yourself. You need to follow the list of required statutory procedures and should work through the trustee on the deed of trust. A notice of default is not enough.

If the property has a land contract, there is a different set of procedures. See an attorney for help. Your costs are added to the sale and must be paid by the borrower if he reinstates the property.

Be aware that a abankruptcy filing can delay the trustee's sale and cause you to go into bankruptcy court to get foreclosure.

Good luck. Get legal coulsel.

James D. Jenkins

Re: My Rights as Note Holder

Mr. Jenkins reply is good advice, however, he did not address the obvious question. If you are really interested in buying the real property, then you can go to the owner (who is in default according to your statement of facts) and get the owner to give or sell the property to you and then you can pay off the loan at a discount and own the property. I would recommend that you get good legal advice before you proceed.