Legal Question in Real Estate Law in Arizona

Re: Sale of Realeastate servicing contract

If you are in default, as provided for in the promissory note or deed of trust documents, a notice of trustee's sale can be commenced by the trustee. The sale is set for 90 days from the date of the notice of sale.

You can redeem (reinstate) the note and prevent the sale in one of three ways:

1. Pay by certified funds up to 5:00 pm the day before the sale (but don't wait until the last minute, please!!!). You will have to bring the late payments current, plus all late charges, plus all charges of the sale. The costs are expensive, but you have to pay them. Beware. The trustee is limited by statute as to the amount of fees to charge, and some overcharge. If so, you can also claim a refund later.

2. File a suit in the court and prove that the sale is improper or required procedures were not followed. This will involve attorneys fees and you would have to have a case.

3. File a petition in the bankruptcy court. That automatically stops the sale. See a bankrupcy attorney. This is done if you want to save the property but cannot pay all the charges before the sale.

See a consumer attorney for help. Many bankruptcy attorneys can help, even if you do not intend to file bankruptcy.

Good luck. In Mesa, Arizona is an attorney familiar with this, Mark Atchley.