Arizon forclosure

Posted by Jane on December 04, 2007 at 13:15:23: Could someone translate this to me in plain English:
"A deficiency suit is allowed, but is limited to the difference between the balance owed and the fair market value of the property, and then only if the suit is brought within ninety (90) days of the power of sale foreclosure."

Is "Power Of sale" means when the property is auctioned and sold? if so what if there is no bids?

I guess I am asking because I have to believe that borrower is assumed free of Defeciency Judjment after the 90 days!
Please let me know?

Thanks
Jane
Follow Ups:

• Re: Arizon forclosure - Julio Martinez-Clark 10:14:08 12/14/07 (0)

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