Q: I sold a property in Pinal County AZ. And accepted a promissory note secured by a Deed of Trust. Payments are late.
The first three payments have not been made. The agreement states if any default should be made of any payment when due the whole sum etc etc. If I accept any payment will I hurt my ability to recover the property. What’s the avg time and cost to forclose on the property
A: Normal practice is to not accept any payment that does not bring the note current including any late charges called for by the note. You should consider commencing a non-judicial foreclosure. I recommend contacting an attorney who specializes in trustee's sales to learn about this option. A non-judicial foreclosure will take months (4-6 minimum) to complete. The costs will vary depending upon the attorney you hire.
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.
