Bank Foreclosures

What is a "Bank Foreclosure?"

A Bank Foreclosure in Arizona happens when a homeowner has defaulted on their mortgage payments and efforts to bring the loan current through either Loan Modification, Short Sale, Forbearance, Deed in Lieu of Foreclosure have failed.  Usually after the 3rd or 4th missed mortgage payment, a Lender will file a Notice of Trustee Sale.  This will notify the homeowner and public that the lender intends to complete the foreclosure process 91 days from the date issued.  If the 91st day comes and the lender has not postponed the sale as is their right to do so, the foreclosure process is completed that day.  The sale is held either at the Court House or an attorney's office.

If the home goes unsold at auction, the bank will take the home back and now it is classified as a bank foreclosure otherwise known as an REO.  Lenders will use Real Estate Agents to represent their interests and place the home on the market for sale.

Our team here at the Arizona Residential Group, is able to assist you with any questions you may have about a Bank Foreclosure.  Contact us at any time to find out more information about how to buy a HUD home.  You can contact us above or call us at 602.753.7801 for more info.