Foreclosure

questions & answers

Question: CAN A BANK FORCLOSE A HOME IN THE STATE OF ARIZONA WITH THERE BEING NO CHAIN OF CORPORATE TITLE TRANSFER?

Answer:

It is unclear what is necessarily meant by chain of corporate title, however to foreclose on a residential property or sell it through a trustee sale, the party seeking to foreclose or hold the trustee sale must have a secured interest in the property.  This is usually established by the mortgage or deed of trust which is proof of a creditors rights against the property.  Essentially the homeowner borrowing the money for the home is then using the home as collateral for repayment of the money.  The creditor whether it be a bank, has a lien against the property in the event that the borrower/homeowner defaults.  The party attempting to foreclose must have the right to do so.  If there is a question regarding a party's right to foreclose in a particular case, if it is not clear if that party as a security interest then the borrower/homeowner may wish to speak with an attorney for specific legal advice. 

Individuals faced with loss of a home through foreclosure/trustee sale or dealing with issues related to a foreclosure can apply for free and reduced fee legal services through the Access to Justice Online Intake System, the link is also available on the top right of AZLawHelp under the “LegalLEARN” section. Individuals may also contact legal aid directly, however due to high call volume there may be long wait times on the phone, and the phone system may cause some calls to be disconnected when overwhelmed with calls. To find the legal aid agency serving a particular county in Arizona, select the desired county in the drop-down under the section titled “FIND FREE LEGAL HELP” on the right column of AZLawHelp.