The Arizona Supreme Court has ruled that recording notice of a sale does not trigger the final statute of limitations period to collect the debt.troutman pepper


The Arizona Supreme Court has just issued a significant and favorable foreclosure statute of limitations. Bridges v. Nationstar Mortgage LLC, — P.3d —, 2022 WL 3905320. It held that the recording of the receivership’s notice of sale did not prove an acceleration of the debt. Arizona borrowers routinely claim that recording the notice of sale confirms that the lender has front-loaded the loan, and that the eventual statute of limitations will trigger the recovery of the debt, so this opinion is plausible. It is important.

Arizona enacted a six-year statute of limitations for lenders or loan servicers to collect debts secured by deeds of trust. ARS § 12-548(A)(1). His final six years to recover part of the loan through foreclosure or litigation will begin when the loan is rolled forward. To accelerate a loan using an optional acceleration clause, the lender must “take some affirmative action to execute. Obvious to the debtor It has accelerated duty. ” Andra R. Miller Designs LLC v. US Bank NA418 P.3d 1038, 1043 (Ariz. App. 2018) (emphasis in original).

the borrower is Bridges v. Nationstar Mortgage LLC The lender argued that merely recording the trustee’s notice of sale affirmatively made it clear that it had exercised the expedited clause of the trust deed’s option. Since it has been more than six years since the filing, we have entered summary judgment against Mr. Bridges and agreed to bar the ability of Nationstar to fully enforce its obligations.

But Trautman-Pepper’s attorneys, Justin Balser and Erin Edwards, argued with the Arizona Court of Appeals that simply recording a trustee’s notice of sale could not accelerate the debt. Among other reasons, Arizona Revised Statute Section 33-813(A) allows borrowers to reinstate loans with only the amount owed at that time, up to the day before the foreclosure sale. is allowed. This is true despite previous records of sale notices. The law clarifies that notice of a sale cannot automatically accelerate a loan, as the borrower can only reverse a portion of the principal balance 24 hours before the sale occurs. I’m here.

The Arizona Court of Appeals agreed, stating that “absent an express statement of acceleration in the trustee’s notice of sale, or other evidence of intent to accelerate, the recording of the trustee’s notice of sale itself shall We will not accelerate the debt.” Bridges v. Nationstar Mortgage LLC, 481 P.3d 701 (Ariz. App. 2021). Bridges’ summary judgment was reversed and remanded to the Superior Court for judgment in favor of Nationstar.

Bridges then petitioned the Arizona Supreme Court for review. The Supreme Court also argued that the plain language of Arizona Revised Statute 33-813(A) allows for the return of only a portion of the full amount of the debt, even though the notice of sale was previously recorded. We also agreed. Therefore, simply recording a notice of sale does not prove that the lender has the intention to accelerate the loan and begin the final statute of limitations. The Arizona Supreme Court remanded for summary judgment in favor of Nationstar.



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