Arizona Servicing Reference Guide
- Kacey Olson (Unlicensed)
| Citation | Topic | Requirement |
| Ariz. Rev. Stat. Ann. §33-808(E) | Cancellation of Notice of Sale | If there is an error or omission in the legal description so that the trust cannot be identified, or if there is an error in the date, time or place of sale, the trustee must record a cancellation of notice of sale. |
| Ariz. Rev. Stat. Ann. §33-812(A) | Distribution of Proceeds of Sale - Non-Judicial | A. The trustee shall apply the proceeds of the trustee's sale in the following order of priority: 1. To the costs and expenses of exercising the power of sale and the sale, including the payment of the trustee's fees and reasonable attorney fees actually incurred. 2. To the payment of the contract or contracts secured by the trust deed. 3. To the payment of all other obligations provided in or secured by the trust deed and actually paid by the beneficiary before the trustee's sale. 4. To any condominium association or planned community association as defined in chapter 9 or 16 of this title that had a subordinate lien as provided by law, even if the trustee intends to deposit the balance pursuant to subsection C of this section. The trustee may pay an association's lien on receipt of a written claim and shall be discharged from any liability for any payment made in good faith. The trustee may inquire as to the existence of a lien if there is a recorded declaration on the property without regard to whether a lien has been recorded. Any person who is an applicant or respondent pursuant to subsection H of this section may require the condominium association or planned community association to prove its entitlement to any funds received from the trustee. An association that demonstrates that the amount it received from the trustee was proper in all material respects is entitled to an award of its reasonable attorney fees and court costs against the applicant or respondent who contested the payment. If the applicant or respondent against whom the association's award is entered is entitled to excess proceeds of the sale, the award of attorney fees and costs shall be payable from those excess proceeds. 5. To the junior lienholders or encumbrancers in order of their priority as they existed at the time of the sale. After payment in full of all sums due to all junior lienholders and encumbrancers as of the date of the sale and excluding any postsale attorney fees, payment shall be made to the trustor, except that if the trustor has sold or transferred the property to another owner before the trustee's sale, payment shall be made to the person who is the owner of record at the time of the trustee's sale. |
Ariz. Rev. Stat. Ann. §33-807(D) Ariz. Rev. Stat. Ann. §33-808(C) | Notice of Sale - Non-Judicial | D. The power of sale of trust property conferred upon the trustee shall not be exercised before the ninety-first day after the date of the recording of the notice of the sale. The sale shall not be set for a Saturday or legal holiday. The trustee may schedule more than one sale for the same date, time and place. C. The notice of sale shall contain: 1. The date, time and place of the sale. The date, time and place shall be set pursuant to section 33-807, subsection D. The date shall be no sooner than the ninety-first day after the date that the notice of sale was recorded. 2. The street address, if any, or identifiable location as well as the legal description of the trust property. 3. The county assessor's tax parcel number for the trust property or the tax parcel number of a larger parcel of which the trust property is a part. 4. The original principal balance as shown on the deed of trust. If the amount is not shown on the deed of trust, it shall be listed as "unspecified". 5. The names and addresses, as of the date the notice of sale is recorded, of the beneficiary and the trustee, the name and address of the original trustor as stated in the deed of trust, the signature of the trustee and the basis for the trustee's qualification pursuant to section 33-803, subsection A, including an express statement of the paragraph under section 33-803, subsection A on which the qualification is based. The address of the beneficiary shall not be in care of the trustee. 6. The telephone number of the trustee. 7. The name of the state or federal licensing or regulatory body or controlling agency of the trustee as prescribed by section 33-803, subsection A. 8. The following statement in the first paragraph of the notice, printed in bold-faced and capitalized type: Notice! If you believe there is a defense to the trustee sale or if you have an objection to the trustee sale, you must file an action and obtain a court order pursuant to rule 65, Arizona rules of civil procedure, stopping the sale no later than 5:00 p.m. mountain standard time of the last business day before the scheduled date of the sale, or you may have waived any defenses or objections to the sale. Unless you obtain an order, the sale will be final. C. The trustee, within five business days after the recordation of a notice of sale, shall mail by certified or registered mail, with postage prepaid, a copy of the notice of sale to each of the persons who were parties to the trust deed except the trustee. The copy of the notice mailed to the parties need not show the recording date of the notice. The notice sent pursuant to this subsection shall be addressed to the mailing address specified in the trust deed. In addition, notice to each party shall contain a statement that a breach or nonperformance of the trust deed or the contract or contracts secured by the trust deed, or both, has occurred, and setting forth the nature of such breach or nonperformance and of the beneficiary's election to sell or cause to be sold the trust property under the trust deed and the additional notice shall be signed by the beneficiary or the beneficiary's agent. A copy of the additional notice shall also be sent with the notice provided for in subsection B, paragraph 2 of this section to all persons whose interest in the trust property is subordinate in priority to that of the deed of trust along with a written statement that the interest may be subject to being terminated by the trustee's sale. The written statement may be contained in the statement of breach or nonperformance. |
| Ariz. Rev. Stat. Ann. §33-809(B) | Notice of Sale - Judicial | B. Not later than thirty days after recording the notice of sale, the trustee shall mail by certified or registered mail, with postage prepaid, a copy of the notice of sale that reflects the recording date together with any notice required to be given by subsection C of this section, addressed as follows: 1. To each person whose name and address are set forth in a request for notice, which has been recorded prior to the recording of the notice of sale, directed to the address designated in such request. 2. To each person who, at the time of recording of the notice of sale, appears on the records of the county recorder in the county in which any part of the trust property is situated to have an interest in any of the trust property. The copy of the notice sent pursuant to this paragraph shall be addressed to the person whose interest appears of record at the address set forth in the document. If no address for the person is set forth in the document, the copy of the notice may be addressed in care of the person to whom the recorded document evidencing such interest was directed to be mailed at the time of its recording or to any other address of the person known or ascertained by the trustee. If the interest that appears on the records of the county recorder is a deed of trust, a copy of the notice only needs to be mailed to the beneficiary under the deed of trust. If any person having an interest of record or the trustor, or any person who has recorded a request for notice, desires to change the address to which notice shall be mailed, the change shall be accomplished by a request as provided under this section. 3. For single family residential properties only, to the property address, except that the copy mailed pursuant to this paragraph may be mailed by first class mail. |
| Real Property Laws / Ariz. Rev. Stat. Ann. §33-715 | Payoff Statement Requests | On the written demand of an entitled person or that person's authorized agent, secured lender must prepare and deliver a payoff demand statement to the person who has requested it within 14 days after receipt of the demand. Any written demand for a payoff statement must include a statement that the entitled person is acting as an agent of the borrower and that the line of credit is to be suspended. A secured lender who fails to prepare and deliver a payoff demand statement for 14 or more days after receipt of a written demand is liable to the entitled person for all damages sustained for failure to deliver the statement. The secured lender is also liable to the entitled person for $500 whether or not actual damages are sustained. |
| Real Property Laws / Ariz. Rev. Stat. Ann. §33-420.01(A) | Payoff Statement Requests (Line of Credit) | A secured lender under a revolving line of credit against real property must suspend the line of credit for a minimum of 45 days upon the receipt of a request for a payoff statement. |
| Real Estate Transfer Affidavit and Fee / Ariz. Rev. Stat. Ann. §11-1133(B) | PMI Refund | If a beneficiary of a foreclosed trustee's deed receives payment based on private mortgage insurance covering the sale that is in addition to the proceeds of the sale, the beneficiary shall submit, in a form approved by the Department of Revenue, to the county recorder in the county where the property is located within 4 months after the date of the trustee's sale a beneficiary's declaration of additional funds received that contains the following: 1. The county assessor's parcel number or numbers assigned as of the date of the trustee's sale; 2. The name and address of the beneficiary submitting the declaration; 3. The date of the trustee's sale; 4. The highest bid amount received by the trustee at the trustee's sale; 5. The recording number of the trustee's deed upon sale; 6. The amount of any additional compensation received by the beneficiary within 6 months after the date of the trustee's sale. |
| Real Property Laws / Ariz. Rev. Stat. Ann. §33-707 | Satisfaction and Release of Mortgage or Deed of Trust | Must be recorded within 30 days of satisfaction. |
| Ariz. Rev. Stat. Ann. §33-811(B) | Trustee's Deed Recording | B. The price bid shall be paid at the office of the trustee or the trustee's agent, or any other reasonable place designated by the trustee. The payment of the bid price may be made at a later time if agreed upon in writing by the trustee. Within seven business days after receipt of payment by the trustee or the trustee's agent, made in a form that is satisfactory to the trustee, the trustee shall execute and submit the trustee's deed to the county recorder for recording and, upon request, shall provide an unrecorded copy of the signed trustee's deed to the purchaser. The recording of the trustee's deed upon sale shall constitute delivery of the deed to the purchaser. The trustee is not liable for any damages resulting from the failure to record the trustee's deed upon sale after physical delivery of the deed to the purchaser. The trustee's deed shall raise the presumption of compliance with the requirements of the deed of trust and this chapter relating to the exercise of the power of sale and the sale of the trust property, including recording, mailing, publishing and posting of notice of sale and the conduct of the sale. A trustee's deed shall constitute conclusive evidence of the meeting of those requirements in favor of purchasers or encumbrancers for value and without actual notice. Knowledge of the trustee shall not be imputed to the beneficiary. |