Note secured by Deed of Trust

[gb76087]

What is the name of your state (only U.S. law)? AZ

I have a Note secured by a Deed of Trust. The individual is in violation of the Deed of Trust, so I can foreclose on the property. Unfortunately, the property value is about 25% less than the original loan amount. The borrower is willing to sign the property over to me if I foreclose. If I don't want the property(I don't live in AZ), can I call the Note due rather than foreclose? What would be a reasonable expectation for how long it would take to get court date, trial, etc.

 

[FlyingRon]

If your note/deed of trust gives you the power of sale (non-judicial foreclosure) you record notice of sale (which must be 90 days from the time you file). You must send that notice to all affected (everybody on the note and deed) 90 days in advance and also publish it (for four weeks ending no later than 10 days before the sale) and post on the courthouse and property. Note that you are only going to get what people bid. It could be substantially less than what you are owed. This is why banks typically bid on their own property the amount below which they are unwilling to pass.