Loan Modification Blog » Arizona Foreclosure http://www.1stforeclosureprevention.com/blog Loan Modification Blog Sat, 31 Jul 2010 03:04:43 +0000 http://wordpress.org/?v=2.8.5 en hourly 1 Bank Foreclosed Properties Lead to the Failing of 9 Banks http://www.1stforeclosureprevention.com/blog/2009/11/19/bank-foreclosed-properties-lead-to-the-failing-of-9-banks/ http://www.1stforeclosureprevention.com/blog/2009/11/19/bank-foreclosed-properties-lead-to-the-failing-of-9-banks/#comments Thu, 19 Nov 2009 22:53:53 +0000 admin http://www.1stforeclosureprevention.com/blog/2009/11/19/bank-foreclosed-properties-lead-to-the-failing-of-9-banks/ The total number of failed banks in the U.S. as of the end of October 2009 tallies 115 with 9 banks recently adding to that number. “Bank foreclosed properties in the states of California, Texas, Illinois and Arizona contributed largely to the collapse of nine banks owned by holding company FBOP Corporation.”

The nine banks involved are subsidiaries of FBOP: Bank USA in Phoenix, San Diego National Bank, California National Bank in Los Angeles, Pacific National Bank in San Francisco, Community Bank in Lemont, Park National Bank in Chicago, North Houston Bank, Citizens National Bank in Teague, Texas and Madisonville Bank in Texas.

“According to FBOP, it suffered huge losses in two areas: preferred stocks in Fannie Mae and Freddie Mac and bank foreclosed properties in the commercial sector.”

Read the full story here: CNN Money http://www.money.cnn.com/2009/10/30/news/economy/fbop_failure/?postversion=2009103023

]]> http://www.1stforeclosureprevention.com/blog/2009/11/19/bank-foreclosed-properties-lead-to-the-failing-of-9-banks/feed/ 0 Arizona Foreclosure http://www.1stforeclosureprevention.com/blog/2009/07/27/arizona-foreclosure/ http://www.1stforeclosureprevention.com/blog/2009/07/27/arizona-foreclosure/#comments Mon, 27 Jul 2009 10:07:59 +0000 admin http://www.1stforeclosureprevention.com/blog/?p=148 If you live in the state of Arizona and face foreclosure, you need to know the basics of the foreclosure laws of your state. In Arizona, the Non-Judicial Foreclosure is most common but sometimes a judicial foreclosure does occur but only in the absence of a power of sale clause in the mortgage loan papers. Another reason is when the lender is going for a deficiency judgment via court order.

When the power of sale clause is present in the loan, a lender will utilize the non-judicial foreclosure procedure. All parties of the deed must be notified by certified mail or by court server a copy of the notice of intent within five days of recordation. The lender must publish the intent to sell for four consecutive weeks in a newspaper in which the property is located if there is not clear cut instructions as to time, place, and terms of sale in the power of sale clause. The last publication cannot be less than ten days prior to the date of sale.

If the county in which the property is located does not have a newspaper, the intent to sell must be published in the paper of an adjoining county in which the property is located. Twenty days prior to the sale of the property, a notice must also be posted on the property itself and the court house. Deficiency Judgments are not allowed for property sitting on 2.5 or less acreage and was a single or two family dwelling. Homeowners in the state of Arizona do not have Right of Redemption.

The sale of the property is conducted by the trustee and sold to the highest bidder. The purchaser must make satisfied payment by 5 PM the following day unless sale day falls on a holiday or Saturday. If payment is not made the property can either go to the second highest bidder or go up for auction sale again. If no one bid son the property and a successful sale completed, the property reverts to the lender.

If you live in the state of Arizona and are facing foreclosure, 1st Foreclosure Prevention can help you work with you lender to stop the foreclosure process and help you to save your home.

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