|
Foreclosure laws in six southwestern states
Source:
National Consumer Law Center,
Repossessions and Foreclosures (5th ed. 2002).
|
| State |
Common foreclosure
|
Required notice;
posting and delivery periods |
Right to cure/reinstate
prior to foreclosure |
Right to redeem
after foreclosure |
Deficiency
judgment |
| Arizona |
Nonjudicial power of sale or deeds of trust |
Notice time varies; 30 days minimum notice before sale |
Power of sale foreclosures: up to 5pm of the day before sale; Judicial foreclosures: 20 days after notice |
Judicial foreclosures: right to redeem prior to sale
if not abandoned property |
No deficiency allowed |
| Arkansas |
Nonjudicial power of sale |
Notice of default |
Right to cure available until time of sale |
Judicial foreclosures: one year; None in power of sale loans |
Allowed but limited by fair market value |
| Colorado |
Nonjudicial power of sale |
Notice of default 4 weeks prior to sale |
Day before the sale |
Within 75 days after sale |
Allowed but owner can raise the defense in court that
the bid was less than the fair market value |
| New Mexico |
Judicial |
Publication or posting 4 weeks prior to sale |
None |
Within 9 months of sale |
Allowed with exceptions |
| Oklahoma |
Judicial; Power of sale: Homeowner can require judicial foreclosure on homestead |
Nonjudicial: 35 day;
Judicial: 30 days |
Power of sale: within 35 days of notice |
Can redeem up to confirmation of sale |
Limited by fair market value; power of sale: homeowners can elect against deficiency judgments on their homesteads |
| Texas |
Nonjudicial power of sale |
Posting & certified mail 21 days prior to sale |
Within 20 days of notice |
None |
Allowed but limited by fair market value |
