Maricopa County Arizona
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Tags: Arizona deed of trust Foreclosure Housing Auction judicial foreclosures lien on property Maricopa County theory of law
Maricopa county, Arizona operates its housing sales under the title theory of law, this means that the title is held until the home loan is paid off. The non-judicial remedy for failure to pay of this loan is a foreclosure sale in Maricopa county. In Arizona, in order to secure the title to your property, you need a deed of trust or a trust deed document. Arizona law allows home loans to be a lien on property for judicial foreclosures through the courts only if the deed of trust doesn’t have any power of sale language in it. A trust deed is the fastest way to foreclosure in Arizona. The period of time between a notice of default and a foreclosure sale is about six months. To bid on a foreclosure in Maricopa county, Arizona, you have to attend the auction or hire a licensed bidder to do so on your behalf. You have to make sure you’re the highest bidder in order to win the home from auction. There is a minimum opening bid which is usually the amount owed on the home. In Maricopa County, Arizona, there are 43,885 homes in foreclosure sales listed with an average price of home values being sold at around $125,659.