Arizona Real Estate License Practice Exam

Question: 1 / 1505

How much time does a borrower have to bring a loan current after a notice of election to sell is recorded?

30 days

60 days

90 days

In Arizona, when a borrower receives a notice of election to sell, they have a period of 90 days to bring their loan current. This time frame allows the borrower an opportunity to make up any missed payments and avoid the foreclosure process. Understanding this period is crucial for borrowers facing financial difficulties, as it provides a critical window for them to explore options like refinancing, negotiating with lenders, or seeking assistance from housing counseling organizations. The 90-day window is a protective measure in the context of Arizona's foreclosure laws, giving borrowers a chance to rectify their situation before further legal actions are taken.

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120 days

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