Arizona Laws 12-1283. Redemption upon foreclosure
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A. In sales upon foreclosure of mortgages or other liens the same periods of redemption as provided in section 12-1282 shall be allowed.
Terms Used In Arizona Laws 12-1283
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Lien: A claim against real or personal property in satisfaction of a debt.
- Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
B. If no redemption is made by the mortgagor or his successor in interest, creditors having liens upon the premises sold or any part thereof subsequent to the lien so foreclosed may redeem within the times and in the order and manner specified in section 12-1282.