The best answer is that it depends. In Arizona, we typically use what is called a deed of trust. The deed of trust is also commonly referred to as a mortgage. In a deed of trust, the lender has two options to foreclose.
The first option is almost unheard of. It is called a judicial foreclosure. The bank files a lawsuit and works through the court system. This option takes several months and creates lots of attorney’s fees. So, the banks simply don’t use this option.
The second option is a non-judicial foreclosure. In a non-judicial foreclosure, your lender instructs the trustee, typically a title company or an attorney, to record a notice of sale with the county. This report to the county can happen within 60 days, but is typically longer. From the time that a notice of sale is recorded, the foreclosure sale takes place in no less than 90 days.
One of the things that we commonly see it that the homeowner isn’t aware that the lender has the ability to foreclose this quickly. The lender can foreclose in as little as 90 days. If you have received that notice or your lender has threatened you with foreclosure, please do not wait another minute. Contact me immediately. Time is of the essence.