Foreclosure in 85253>Question Details

Rebecca, Home Buyer in Paradise Valley, AZ

I am the current tenant in this unit for over a year. What are the consequences for me when this unit 107 @?

Asked by Rebecca, Paradise Valley, AZ Fri May 30, 2008

6885 E. Cochise Rd, Scottsdale, AZ 85253 goes into Notice of Foreclosure? It state the unit will go to Auction Aug 18th - do I have any opportunity to work with the lender to take over the note? Will I be evicted without notice? Very concerned Single Woman with no family for support. Thanks

Help the community by answering this question:


Hi Rebecca,

The consequences of your unit going to foreclosure auction vary. Regardless if it's bought by an investor or it goes back to the bank, your lease will no longer be valid. If it's bought by an investor, he/she may allow you to stay in the unit as a renter, or they could evict you with ample notice (usually 30 days). If the property goes back to the bank, then you will be evicted with usually a 30 day notice.

You may be able to work with the owner's lender to allow you to assume the loan, if the loan is assumable. If not, and if you want to buy the unit, you may have to qualify for a loan & then buy it, assuming the owner will allow a sale.

I advise you to consult with a REALTOR and/or a real estate lawyer who can help you with this unfortunate situation. A REALTOR may be able to broker a deal between you, the seller & the bank, and the REALTOR may be able to do this without charging you any money.

If you want my assistance, I will give you the information you need to make good decisions.

Paul Welden
HomeSmart Real Estate
0 votes Thank Flag Link Sun Jun 1, 2008
Hello Tammy,

It appears the note on the property is about $125,000. The bank will want to know you can pay for the note if they let you take it over. Call me and I will explain what to do. 602-284-3000
Web Reference:
0 votes Thank Flag Link Fri May 30, 2008

As Tammy stated, you would need to talk to the current owner now about taking over the note. Once the bank has taken the property, they will probably want you out before they are willing to work with anyone on selling it.

You will not be evicted without notice. You are given a "Eviction Notice" which typically gives you 30 days to leave the premisis.

Hope this helps.

0 votes Thank Flag Link Fri May 30, 2008

If the property goes to Trustee Sale and is "purchased" by a bidder the property will be tranferred to the bidder by Trustees Deed. It is up to the new owner as to whether you can remain in the property or will be evicted. If the property reverts back to the Lender it is likely you will receive a notice of eviction so the Lender can list and sell the property. If possible, speak with the current owner regarding purchasing the property. This could be an easy process if it is not a short sale situation and you if can qualify for a new loan. You may find it helpful to consult with a real estate professional who can either help with the purchase or assist you finding another rental property.

I am happy to answer any questions.
0 votes Thank Flag Link Fri May 30, 2008
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