In Phoenix, foreclosure is simple and swift procedure initiated by the mortgage company. A legal process which relinquishes a home owner from all his property rights due to non-payment of the mortgage amount is known as foreclosure.
Process of Phoenix Foreclosures
A trustee is appointed by the lender to manage all paperwork. A legal "Notice of Trustee's Sale" is recorded in country's recorder office which means that the property is to be sold no sooner than ninety days from the date of notice recording. Within five days of such recording, the trustee also issues a legal notice to the homeowner and other affected parties. Four consecutive notices - once a week is also mandatory to publish in the country's newspaper of general circulation.
On payment default, the trustee conducts the auction which requires a deposit of $1000 from every bidder. The property is then sold to the highest bidder one of which can be the mortgage company. Title is conveyed to the winner which releases the previous owner to redeem the property or reinstate the loan. Primary liens and junior liens attached to the property are cleared by the sale proceeds and if any balance remains then it are returned to the ex-owner by the trustee.
Why to buy Phoenix Foreclosures
Phoenix foreclosures can prove fruitful to the prospective buyers because it gives an affordable option to own a property in the largest city in the US state of Arizona. Apart from the availability of property at fractional price, there are many more reasons why to buy Phoenix foreclosures
? The city is the main economic, industrial, financial, transportation and cultural center of the Southwestern United States.
? Arizona State University (ASU) - the largest public universities in US with 64,394 enrollments in year 2007, is located in Northwest Phoenix.
? The city is home for number of telecommunications and high-tech companies.
? The warm climate in winters, benefits Phoenix from tourism, recreation and golf industry.
? Seven Fortune 1000 companies have place in Phoenix.
? Phoenix is a home for numerous American politicians, popular musicians and other dignitaries.
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