All about Pre-Foreclosures

In Arizona, the foreclosure process is usually a non-judicial foreclosure handled through a trustee’s sale. Two key documents in that process are the Notice of Default and the Notice of Trustee’s Sale. They are related but serve different purposes.

Notice of default (NOD)

A Notice of Default is the first formal warning that the borrower has fallen behind on the mortgage.

What it means

The homeowner has missed payments or violated the loan terms.
The lender is officially stating the loan is in default.
It signals that foreclosure may begin if the default is not cured.

Typical characteristics

Sent before foreclosure proceedings fully start.
Gives the borrower an opportunity to reinstate the loan (catch up on payments, fees, etc.).
Sometimes sent as a demand letter or breach letter depending on the loan.

Purpose

Give the homeowner notice and time to fix the problem.

notice of trustee's sale (NoTs)

The Notice of Trustee’s Sale is the official foreclosure noticethat schedules the auction.

What it means

The lender has decided to proceed with foreclosure.

The property will be sold at a public auction by the trustee.

Key requirements in Arizona

Must be recorded with the county.
Must be posted on the property.
Must be mailed to the borrower and interested parties.
Must be published in a newspaper for four consecutive weeks.

Timeline

The sale date must be at least 90 days after the Notice of Trustee’s Sale is recorded.

Purpose

Announces the actual foreclosure sale date.

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