Detailed Answer
In Arizona, the foreclosing trustee must distribute proceeds according to state law. Arizona Revised Statutes § 33-811 governs the post-sale accounting. Under A.R.S. § 33-811(A), the trustee pays all liens, fees and costs first. Any amount left over becomes surplus and must be deposited with the county treasurer within five business days of the sale.
Follow these steps to determine if surplus funds remain:
- Obtain the Trustee’s Sale Report: The trustee files a report or affidavit listing the sale price, lien balances and costs. Request a copy from the trustee or review the recorded document at the county recorder’s office.
- Review the Notice of Trustee’s Sale: Prior to the sale, the trustee publishes a notice under A.R.S. § 33-809. That notice includes the total owed and minimum bid. If the auction price exceeds these amounts, surplus may exist.
- Contact the Trustee: Call or write the trustee named in the sale notice. The trustee can confirm whether a surplus exists and provide instructions for claiming funds.
- Search County Records: Many Arizona counties list unclaimed foreclosure surplus online by property address or sale date. Visit the county treasurer’s or recorder’s website and search for your parcel number or owner name.
- File a Claim for Surplus: If you locate surplus funds, you must file a written claim with the county treasurer within one year of the sale under A.R.S. § 33-811(B). Your claim should include proof of your interest, such as a title report, lien documents or power of attorney.
If no claim arrives within one year, the county treasurer transfers unclaimed funds to the Arizona Department of Revenue’s unclaimed property fund.
Helpful Hints
- Verify the full legal description and parcel number before searching records.
- Keep copies of all notices, sale reports and correspondence.
- Observe the one-year deadline strictly—late claims are generally barred.
- Use certified mail or trackable delivery when sending your claim.
- Consult an attorney if multiple parties assert rights to the surplus.