ARIZONA FORECLOSURE LAWS
TYPES OF FORECLOSURE:
Non-judicial: Most common in this state.
Judicial: Available, but not used often
Deficiency Judgment: Available under some circumstances
Oddities: No deficiency possible for single family or duplexes on 2 1/2 acres or less. In any case, the deficiency is limited to the loan amount minus the fair market value of the property. The winning bidder at the trustee sale has until 5pm the next day to pay up. If the bidder fails to show, the second highest bidder gets the property and has until 5pm the next day to close.